Lastminute Strives To Get In The Black

The UK internet company revealed pre-tax losses of £3.9 million for the three months to June, compared with £9.2 million for the same period in 2001. This was also an improvement on the £5.2 million deficit recorded in the previous quarter this year.

The company has reduced its cost base by £8.8 million in 2002 but still had the resources to acquire Destination Holdings Group and the Franco-Italian website, Travelselect.

The narrowing losses reflect not only cost cutting measures but also a significant increase in sales. Lastminute generated £61 million of transactions in the third quarter, resulting in turnover of £8.3 million. This was almost double the total for the same period last year.

“These results demonstrate the further shift towards group profitability and positive cashflow. All metrics show underlying improvement and development,” said chairman Allan Leighton.

At the close of trading today, shares in Lastminute were up by a penny at 96½p.