Feeds

Egg to break even in Q4

And that's no yolk

  • alert
  • submit to reddit

Build a business case: developing custom apps

Egg is "bang on track" to break even at the end of the year, the British online bank reported today.

Despite reporting losses for the year of £155 million - up from £150 million in 1999 - the bank remains bullish it can turn things around during the next ten months.

And it points to a host of numbers which show that the bank is gaining strength in the competitive retail banking sector.

Operating income is up 375 per cent to £93.2 million; its customer base has increased 70 per cent to 1.35 million and brand awareness is up 20 points compared to last year.

It also intends to continue widening its margins while keeping a lid on costs as it eats into its deficit.

Indeed, the City appears reasonably content with Egg's performance with its share price holding steady at 132p by lunchtime.

Of course, Egg's plans to break even depend on its Web site functioning and fully operational. Last month the bank suffered extended hardware problems depriving customers of access to their accounts. ®

Related Stories

Egg.com's been down due to hardware problem

Build a business case: developing custom apps

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.