Letsbuyit.com is slashing 20 per cent of its workforce despite increasing sales by 83 per cent in Q2. Revenue for the period was E7.2 million (£4.4 million), headcount is down to 320 from 400.

Gross profit margins leaped in the three months to 9.8 per cent from 2.9 per cent. The bad news for the online retailer is that operating costs increased by E18 million to E43 million.

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Lastminute.com has got an apology on page 2 of the Daily Express. The paper had wrongly accused them of being one of a number of travel agents being investigated by trading standards for publishing misleading prices.

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Vodafone has got the gig to supply 100,000 civil servants with mobile phones. The deal could earn it £42 million.

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Nutravida.com, the health product retailer, is going to wind itself up over the next month. It launched six months ago with £1 million funding and has enough cash to last out September.

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Online Travel Corporation reported a pre-tax loss of £1.76 million in the eight months to June 30. Sales more than doubled to £15 million.

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The boom in SMS messaging by mobile phone users boosted the profits and sales of CMG, a business which sells hardware and software to mobile operators. Pre-tax profits for the six months ending June 30 were £45.1 million, up 26 per cent. Sales totalled £349 million, an increase of 20 per cent. ®

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