Lastminute seeks £13m savings

Trading update

Lastminute.com says it is on track to meet targets for Q4, albeit at the lower end of its expected range. Today it will tell analysts and investors how will save around £13m in the 2005 financial year to reduce costs by 10 per cent.

Finding an extra £13m per year will cost the firm £9m, including £5m relating to the integration of recently acquired Online Travel Corporation.

As reported in August, this will result in the closure of six offices in the UK, four overseas, and the loss of 350 jobs. Most of the costs will be recognised as exceptional items in Q4.

CEO Brent Hoberman said the group had continued to grow, despite what he called "challenging trading conditions in the industry during the summer quarter". ®

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