Feeds

Lastminute.com crawls towards profit

Prefer watching snails race

  • alert
  • submit to reddit

New hybrid storage solutions

Lastminute.com is convinced it has enough spare cash to see its business report a profit without having to go cap-in-hand to its investors.

Announcing a jump in turnover and widening pre-tax losses, co-founder and one-time dotcom darling, Martha Lane-Fox, insisted that things were on the up.

Lane-Fox told newswire AFX News: "We see operating profitability at the end of 2002 ... and are absolutely confident that we have enough cash to see use through to break-even."

The adult wares, gifts, and bucket travel shop reported increased Q3 turnover of £4.4 million for the three months ended June 30, compared to £1 million in the corresponding period last year.

Pre-tax loss increased from £9.3 million in Q3 2000 to £12.9 million.

Total transaction value for the last nine months topped £77.3 million and is predicted to climb to more than £120 million by the end of the year.

At the same time, the amount of cash pouring out of the company fell from £9.1 million for Q2 to £8.6 million in Q3.

As at June 30 the outfit had £53.3 million spare cash.

Said chairman Allan Leighton: "Lastminute.com continues to improve on all of the retail basics.

"Costs, margins, conversion rates and cashflow continue to move ahead in a period traditionally quiet for sales.

"The fourth quarter will see us exceed £45 million total transaction value in a quarter for the first time and continue on track to deliver break even in the UK and France at an operational level in nine months time," he said.

By mid morning shares in the dotcom had nudged up .25p (.73 per cent) to 34.50p. ®

The next step in data security

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.