Additional Information


Lastminute losses widen as
profitability moves closer

LONDON - has reported widened full-year losses as a result of costs relating to acquisitions, but remains on track to move into profit in the UK and France within the next six months.

Share this article

Full-year losses were up 50% to £53.7m, from £35.8m for 2000, as a result of goodwill charges of £14.7m following the group's acquisition of Degriftour Group and Urbanbite.

The loss also includes a share of the operating losses from its joint venture operations in Australia, South Africa and Spain.

The group's loss before interest, tax, depreciation and amortisation fell by 11.8% to £33.6m from £38.1m in 2000.

Turnover for the year more than quadrupled on 2000's figure to £18.4m from £3.7m, while gross profit grew to £17.2m from £3.3m.

The company said gross profit comprised commission earned on sales of products and services sold such as airline tickets, hotel room reservations, package holidays, tickets to events and gifts. The company said, however, that it increased the income it earned from sponsorship and advertisements placed on the websites.

Brent Hoberman, Lastminute chief executive, said: "Following another year of exceeding expectations, we continue on track to deliver operational profitability in our UK and French businesses in approximately six months' time."

He added: "Trading for the new financial year has started in line with the board's expectations and will show considerable growth over the year that has just ended. The business is well positioned for the longer term."

If you have an opinion on this or any other issue raised on Brand

Republic, join the debate in the Forum here.

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Additional Information

Latest jobs Jobs web feed


The Wall blogs

Back to top ^