Lastminute reports strong Q1 results
Lastminute.com says it is on target to become profitable in the UK and France by June.
In the three months to December 31 its customer conversion rate improved to 16.1% from 8.9% during the same period a year ago. Total transaction value for the quarter grew by 56.8% year on year to £31.7m – however this was down 32% on the previous quarter.
The traditionally weak booking period also hit turnover which fell 32% on the previous quarter to £4.77m – however this was up from £2.92m in the same period last year.
Chief Executive Brent Hoberman said: “This first quarter, whilst seasonally the weakest for our business in terms of total transaction value (especially when compared to the preceding quarter which is seasonally our strongest) is in line with our expectations for the group. The continued rapid growth of our company enables us to further strengthen our competitive advantage and offer our customers an increasingly rewarding experience when they visit our site.”
Lastminute has also announced that it has completed a joint venture agreement with with Kinki Nippon Tourist Company, Nippon Travel Agency, Mitsubishi Corporation/MC Capital Fund and new investors Credit Saison and Japan Efund to establish an e-commerce business under the lastminute.com brand in Japan.
See our previous stories:
30 Jan 2002 lastminute.com announces Japan joint venture
23 Jan 2002Lastminute and Orange sign m-commerce deal
22 Jan 2002Early success for Mytravel.com
16 Jan 2002Lastminute to auction holidays on TV
26 Nov 2001Lastminute boosts UK website with Viator offering
23 Nov 2001Lastminute on track for profitability
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