Lastminute's losses grow
Cash burn cut
Lastminute.com's first quarter losses have grown to £15.4 million, up from a mere £6 million for the same period a year earlier.
For the three months to 31 December sales rose to £2.9 million from £409,000 the year before.
But the company's shares rose 6.5 per cent to 74 pence because it announced its burning less cash. Bloomberg quotes a Lehman Brothers analyst who says rates the company as a 'strong buy.'
Gross profit was £2.8 million. The number of subscribers grew by just 10,000 in the quarter to 2.86 million.
Lastminute said it had about £70.9 million in cash left as of Dec. 31. ®