Lastminute.com, the trailblazing internet travel company, has provided a boost to the e-commerce sector by announcing its first ever quarterly profit.
The online retailer today reported pre-tax profits of £302,000, before one-off costs, for the three months to September. This contrasts with the £3.9 million loss recorded in the previous quarter (see
Lastminute Strives To Get In The Black).
Similarly, turnover increased from £8.3 million to £15.1 million and sales for the year totalled £35.1 million, up from £18.4 million last year.
“We are absolutely delighted – it is our strongest quarter, determined by the travel sector, and now we are in profit,” said David Howell, Lastminute.com’s finance director.
Today’s results were largely anticipated following a number of successful acquisitions and an economy drive which has so far realized £13.2 million in savings (see Lastminute Issues Profits Promise). The company is expected to post its first annual pre-tax profit in 2003.
“The new financial year has started strongly and we are confident of another year of sustained and improving performance as we continue to rapidly increase our scale and presence in targeted markets and sectors” said the chairman Allan Leighton.
The City was less positive and shares in Lastminute were down 5p at 111.5p at lunchtime today.
