Lastminute records first profit
Lastminute.com has today announced a pre-tax profit for the first time.
The Group acheived a 129 percent increase in gross profit for Quarter 4 2002, year-on-year, leaving it with pre-tax profits of £300,000.
The performance was driven by an increase in online sales, with total transaction value up 140 percent for Quarter 4 to around £53.5 million. It was also driven by the successful integration of acquisitions.
Chief executive, Brent Hoberman (pictured) said: “The integration of Degriftour in France and Travelselect.com and Destination Group in the UK are complete. The integration process of Travelprice.com is well on track and will be completed by 28 Februay 2003 and will provide significant operational synergies”.
Chief financial officer, David Howell told TravelMole that in addition to a boost from sales and acquisitions, lastminute had managed to reduce costs by 25 percent, a total reduction of £13 million due to increasing efficiency in back office operations. He said: “We used to talk four calls for every item sold, now the average is 2.5”.
The group also achieved a positive operating cash flow for the first time in Quarter 4, of £400,000, a net improvement of £7.2 million year-on-year.
Chairman, Allan Leighton said he was confident that lastminute would match this performance in the coming year.
Mr Howell told TravelMole that he could not comment on speculation in the financial press that lastminute was interested in acquiring some of MyTravel’s specialist brands such as Cresta, but he did say: “We are an aquisitive company, focussing on core markets in our core countries, which are the UK, France and Germany.”
Read our previous stories:
18-Nov-2002 lastminute growing through acquisition
14-Oct-2002 Interview: Brent Hoberman, ceo and co-founder, lastminute.com
3-Oct-2002 Lastminute launches half-price October
8-Aug-2002 lastminute.com shows continued growth
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