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23/11/2001
Lastminute.com holds on despite increased losses
Online holiday retailer Lastminute.com is holding on despite reporting increasing profit losses from this time last year.
Figures for the financial year ending in September show Lastminute.com experiencing losses of £39.1 million in comparison to £35.8 million for the same time in 2000. However, the company have continued to claim that they will reach profitability by spring 2002 in both the UK and France.
The e-tailer, who originally started out offering travel deals, has since expanded its operations to offer Christmas gifts, entertainment listings and cinema tickets – a smart move when viewed in retrospect after the 11 September attacks, which saw an overall slowdown in the travel sector.
Lastminute.com has also revealed a 20 per cent increase in subscribers for its services, with a worldwide customer base of around 4.2 million. In addition, the company has invested in technological upgrades that have significantly improved the speed and ease of use of the website shop fronts. Lastminute.com is also moving to consolidate numerous partnerships with companies such as Granada to offer late availability tickets for football matches and the British Grand Prix.
"These results demonstrate that our business model is as robust in times of economic slowdown as in economic growth," Chairman Allan Leighton commented. (CL)
Figures for the financial year ending in September show Lastminute.com experiencing losses of £39.1 million in comparison to £35.8 million for the same time in 2000. However, the company have continued to claim that they will reach profitability by spring 2002 in both the UK and France.
The e-tailer, who originally started out offering travel deals, has since expanded its operations to offer Christmas gifts, entertainment listings and cinema tickets – a smart move when viewed in retrospect after the 11 September attacks, which saw an overall slowdown in the travel sector.
Lastminute.com has also revealed a 20 per cent increase in subscribers for its services, with a worldwide customer base of around 4.2 million. In addition, the company has invested in technological upgrades that have significantly improved the speed and ease of use of the website shop fronts. Lastminute.com is also moving to consolidate numerous partnerships with companies such as Granada to offer late availability tickets for football matches and the British Grand Prix.
"These results demonstrate that our business model is as robust in times of economic slowdown as in economic growth," Chairman Allan Leighton commented. (CL)
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