LONDON, May 8, 2001 (PRIMEZONE) -- lastminute.com (Nasdaq:LMIN) announces financial results for the quarter ended March 31, 2001.
-- Order based total transaction value increases by 47.3% quarter
on quarter to £31 million and quadruples year on year
-- Gross profit increases by 39% quarter on quarter to £3.9 million
and by over 5 times year on year
-- Gross profit margin rises to 13.9% for the quarter and by 4
percentage points year on year
-- Conversion rate increases from 8.9% to 11.0% quarter on quarter
-- Operating cash outflow reduces by 20% quarter on quarter
-- UK and combined French operations to be profitable within next
twelve months
Allan Leighton, Chairman said: "This is another set of solid financial results, as we continue to adjust our business model, to focus on quality not just quantity of transactions. All the true retail metrics of sales, conversion and gross margin have again increased quarter on quarter, and as a result we expect both the UK and combined French operations to be profitable within the next twelve months."
Brent Hoberman, Chief Executive, added: "Our strong brand, the impact of the roll-out of our new technology platform and prudent cash and cost management all mean that lastminute.com remains well-placed to be a lead player in the European e-commerce marketplace. As we continue to deliver versus our strategy, our risk profile reduces further. Since 31 March 2001, we have seen continued growth in our key metrics, with record sales results across all countries over the Easter period."
For the full release, including tables, please click on the link below.
http://reports.huginonline.com/819544/89577.pdf
Notes to Editors:
About lastminute.com
Based on the idea of matching supply and demand, lastminute.com currently offers consumers last minute opportunities to acquire airline tickets, hotel rooms, package holidays, entertainment tickets, restaurant reservations, specialty services, gifts and auctions in the United Kingdom, France, Germany, Italy, Sweden, Spain, The Netherlands, Australia and South Africa. In October 2000, lastminute.com acquired the Degriftour Group, one of France's leading e-travel groups. At 31 March 2001, lastminute.com had established approximately 9,147 supplier relationships, with companies such as Lufthansa, British Midland, United Airlines, Virgin Atlantic Airways, Starwood Hotels and Resorts Worldwide, Forte Hotel Group, Kempinski Hotels, English National Ballet, The Royal Albert Hall, Conran Restaurants and SFX.