Lastminute.com quarterly losses deepen
Lastminute.com increased pre-tax losses to £9.6 million in the three months to December 31 against a loss of £5.3 million in the same quarter the previous year.
The online travel firm blamed the deepening quarterly losses on “an increase in the seasonality of the group as a result of five acquisitions in 2004 financial year”.
Revealing an 80% increase in total transaction value to £264.4 million, up from £146.6 million, the company said its focus remained on integration and profitable growth.
Chief executive Brent Hoberman said: “This is a solid set of results. We have delivered record TTV for the first quarter, partly achieved through acquisitions and partly through strong organic growth driven by enhancing the customer offering. In addition, our integration and cost reduction plans remain on track.
“Lastminute.com continues to benefit from the customer move from offline to online and independent booking and we remain a market leader across the major European markets.”
Meanwhile, Lastminute.com unveiled a distribution deal with independent hotel group Best Western, which has more than 300 properties across the UK.
Mr Hoberman said: “We hope that we will be able to extend our excellent relationship with Best Western internationally, given the group has over 4,000 hotels across 80 countries.”
He added: “We are pleased Best Western recognises the value lastminute.com can add as a European intermediary with its powerful brand and strong geographic presence. As the largest online market place for last minute demand we expect to sell over eight million room nights through lastminute.com and its subsidiary businesses this year”.
Best Western Great Britain sales director Gavin Percy said: “One of the reasons we were keen to work with lastminute.com is because we see the value in the level of demand they are able to deliver.”
Report by Phil Davies
Phil Davies
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