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Egg still on target to break even in Q4

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Egg claims it is "on track" to break even during Q4, the British online bank announced today.

Releasing its Q1 2001 figures this morning the e-bank reported that operating income was up 14 per cent to £36.5 million compared with Q4 2000.

Pre-tax loss was down a smidgen by £0.4 million from £38.3 million to £37.9 million during the same period.

This performance was set against a backdrop of an increase in the number of consumers - up 224,000 during the quarter to 1.58 million punters.

Chief Executive Paul Gratton said: "We are pleased with the strong start we have made to the year. The acceleration in our rate of customer growth in an increasingly competitive environment is particularly encouraging."

Analysts have broadly welcomed the figures which reiterate Egg's claims that it is on target to break at the end of the year.

When it announced its full year results in February the e-bank said it was "bang on track" to break even in Q4. ®

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