Feeds

Egg makes first profit

Where credit's due

  • alert
  • submit to reddit

Build a business case: developing custom apps

Internet bank Egg reported a profit for November, keeping its promise that it would break-even by the end of the year.

The news helped push Egg's share price up 6p in early morning trading before falling back to its opening price of 154p by mid-morning.

Egg's performance was boosted by its credit card business, which has made a positive contribution since the beginning of October, the company said.

The Internet bank, created by the Prudential and floated in June 2000, reported that it had recruited 129,300 new customers since the beginning of October.

Its customer base now stands at 1.92 million.

In a trading statement issued today the company said: "This has been an important year in the development of Egg. We have taken the UK business into profitability and continued to grow the customer base strongly."

It maintains it is now well placed to sustain growth and profitability during 2002.

In Q3 this year it reported that operating income had doubled to £127 million, up from £61.2 million during the same quarter last year. Pre-tax losses fell by 29 per cent from £25.5 million in Q2 to £18.4 million in Q3. ®

Related Story

Egg to axe up to 50 jobs
Egg has cracked online finance
Egg still on target to break even in Q4
Egg to break even in Q4

Boost IT visibility and business value

More from The Register

next story
Kate Bush: Don't make me HAVE CONTACT with your iPHONE
Can't face sea of wobbling fondle implements. What happened to lighters, eh?
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
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.
Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.