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lastminute.com plc: First quarter financial results – continued strong performance

lastminute.com<.> announced strong Quarter 1 results. lastminute.com remains on track to deliver profit at…

lastminute.com  announced strong Quarter 1 results. lastminute.com remains on track to deliver profit at  an operational level in the UK and France in the April to June quarter:

Customer conversion rate improved to 16.1% from 8.9% and 13.9% year on year and quarter on quarter respectively

Total transaction value for the Quarter grew by 56.8% year on year to £31.7m (Q1 2001: £20.2m)

Gross profit for the Quarter up 60.5% year on year to £4.5m (Q1 2001: £2.8m) and gross margin up 0.4 percentage points to 14.1% year on year

UK customer acquisition costs fall by 61.7% to £6.40 per customer for Quarter 1 compared with Quarter 4 2001. UK total transaction value grew by 114.9% year on year to £17.6m

EBITDA loss reduced to £5.1m for the Quarter, a reduction of 10.8% quarter on quarter and 52.2% year on year (Q1 2001: loss £10.7m, Q4 2001: loss £5.7m)

Loss (before goodwill amortisation and taxation) down 38.8% year on year and 2.8% quarter on quarter to £7.2m (Q1 2001: loss £11.7m, Q4 2001: loss £7.4m)

Operating cash outflow reduced to £3.8m for the Quarter, a reduction of 44.1% quarter on quarter and 66.5% year on year (Q1 2001: £11.4m, Q4 2001: £6.8m)

Cash balance strong at £36.5m

Allan Leighton, Chairman of lastminute.com said “lastminute.com has continued the significant progress made during the 2001 financial year. We have maintained the important trend in substantially reducing quarter on quarter, and year on year, operating cash outflow and remain on track to deliver operational profitability in our key UK and French businesses in the April to June quarter.”

Brent Hoberman, Chief Executive Officer, added “lastminute.com’s strong year on year growth demonstrates that our business model is working increasingly well. An increased product range, combined with investments in improved technology, has enabled us to exceed all key year on year metrics. This first Quarter, whilst seasonally the weakest for our business in terms of total transaction value (especially when compared to the preceding quarter which is seasonally our strongest) is in line with our expectations for the Group. The continued rapid growth of our Company enables us to further strengthen our competitive advantage and offer our customers an increasingly rewarding experience when they visit our site.”

Theodore Koumelis
Co-Founder & Managing Director - Travel Media Applications | Website

Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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