LONDON, Nov. 23, 2001 (PRIMEZONE) -- lastminute.com (Nasdaq:LMIN) today announces strong fourth quarter results completing an encouraging full year. lastminute.com remains on track to reach operating profit in the UK and France in around two quarters time:
-- Total transaction value grows by 3.6 times year on year to 124.2
million pounds (2000: 34.2 million pounds) and by 60% quarter on
quarter to 46.9 million pounds
-- Gross profit up 5.2 times year on year to 17.2 million pounds.
-- Gross margin increases by 4.1 percentage points year on year to
13.9%
-- EBITDA loss reduced by 46.4% Quarter 4 over Quarter 1 2001
-- Loss (before goodwill amortization) down 20.5% quarter on quarter
to 7.4 million pounds
-- Operating cash outflow reduced to 6.8 million pounds for Quarter 4
2001, a reduction of 59.4% over Quarter 4 2000. Operating cash
outflow reduces by 20% quarter on quarter
-- Customer conversion rate up from 5.5% to 13.9% year on year
-- On track to deliver breakeven at an operational level in the UK
and France in approximately six months time.
Allan Leighton, Chairman said: "lastminute.com has delivered strong fourth quarter results completing an encouraging year as a whole. We continue to produce improvement on all metrics and have built a substantial business base. These results also demonstrate that our business model is as robust in times of economic slow-down as in economic growth, and we remain on track to deliver operating profitability in the UK and France in approximately two quarters time."
Brent Hoberman, Chief Executive, added: "We are continuing to focus on the fundamentals of our business - depth and range of value products and services; quality of customer and supplier service; speed, user friendliness and personalization of our site and leveraging our brand. At the end of our second full year of trading we have moved that much closer to our vision of creating a utility that customers use on a regular repeat basis for last minute inspiration and solutions."
To view this release in its .pdf format, click the link: http://reports.huginonline.com/841352/97190.pdf
Notes to Editors:
About lastminute.com
Based on the idea of matching supply and demand, lastminute.com offers consumers last minute opportunities to acquire airline tickets, hotel rooms, package holidays, entertainment tickets, restaurant reservations and delivery, speciality services, gifts and auctions in the United Kingdom, France, Germany, Italy, Sweden, Spain, The Netherlands, Australia and South Africa. In September 2000, lastminute.com acquired the Degriftour Group, one of France's leading e-travel groups. At September 30, 2001, lastminute.com had established approximately 9,300 supplier relationships, with companies such as Lufthansa, BMI British Midland International, United Airlines, Virgin Atlantic Airways, Starwood Hotels and Resorts Worldwide, Kempinski Hotels, English National Ballet, The Royal Albert Hall, Conran Restaurants and SFX.