LONDON, Feb. 8, 2002 (PRIMEZONE) -- lastminute.com (Nasdaq:LMIN) today announces strong Quarter 1 results. lastminute.com remains on track to deliver profit at an operational level in the UK and France in the April to June quarter:
-- Customer conversion rate improved to 16.1% from 8.9% and 13.9%
year on year and quarter on quarter respectively
-- Total transaction value for the Quarter grew by 56.8% year on year
to 31.7m pounds (Q1 2001: 20.2m pounds)
-- Gross profit for the Quarter up 60.5% year on year to 4.5m pounds
(Q1 2001: 2.8m pounds) and gross margin up 0.4 percentage points
to 14.1% year on year
-- UK customer acquisition costs fall by 61.7% to 6.40 pounds per
customer for Quarter 1 compared with Quarter 4 2001. UK total
transaction value grew by 114.9% year on year to 17.6m pounds
-- EBITDA loss reduced to 5.1m pounds for the Quarter, a reduction of
10.8% quarter on quarter and 52.2% year on year (Q1 2001: loss
10.7m pounds, Q4 2001: loss 5.7m pounds)
-- Loss (before goodwill amortization and taxation) down 38.8% year
on year and 2.8% quarter on quarter to 7.2m pounds (Q1 2001: loss
11.7m pounds, Q4 2001: loss 7.4m pounds)
-- Operating cash outflow reduced to 3.8m pounds for the Quarter, a
reduction of 44.1% quarter on quarter and 66.5% year on year
(Q1 2001: 11.4m pounds, Q4 2001: 6.8m pounds)
-- Cash balance strong at 36.5m pounds
-- Met or exceeded expectations on all key operating metrics
Allan Leighton, Chairman said:
"lastminute.com has continued the significant progress made during the 2001 financial year. We have maintained the important trend in substantially reducing quarter on quarter, and year on year, operating cash outflow and remain on track to deliver operational profitability in our key UK and French businesses in the April to June quarter."
Brent Hoberman, Chief Executive Officer, added:
"lastminute.com's strong year on year growth demonstrates that our business model is working increasingly well. An increased product range, combined with investments in improved technology, has enabled us to exceed all key year on year metrics. 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."
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 home delivery, speciality services, gifts and auctions in the United Kingdom, France, Germany, Italy, Sweden, Spain, The Netherlands, Australia and South Africa. At December 31, 2001, lastminute.com had established approximately 10,100 supplier relationships, with companies such as Lufthansa, bmi british midland, United Airlines, Virgin Atlantic Airways, Starwood Hotels and Resorts Worldwide, Kempinski Hotels, Sol Melia, Six Continents, JMC, Disneyland Paris, English National Ballet, The Royal Albert Hall, Conran Restaurants and The Wayahead Box Office.
First quarter financial results: http://reports.huginonline.com/847822/99139.pdf