LONDON, May 10, 2002 (PRIMEZONE) -- lastminute.com (Nasdaq:LMIN) today announces strong Quarter 2 and interim results. lastminute.com reaches operational profitability in the U.K. and France during Quarter 2, one Quarter earlier than previously indicated.
-- Customer conversion rate improves to 18.3% from 11.0% and 16.1%
year on year and quarter on quarter respectively
-- Total transaction value for the Quarter grew by 46.6% year on year
and 28.4% quarter on quarter to 40.8 million pounds (Q2 2001:
27.8m pounds, Q1 2002: 31.7m pounds)
-- Gross profit for the Quarter grew by 59.3% year on year and 37.5%
quarter on quarter to 6.1 million pounds (Q2 2001: 3.9m pounds,
Q1 2002: 4.5m pounds)
-- Gross margin rose to 15.0%, an increase of 1.1 percentage points
year on year and 0.9 percentage points quarter on quarter
(Q2 2001: 13.9%, Q1 2002: 14.1%)
-- EBITDA loss reduced to 3.2 million pounds for the Quarter, a
reduction of 66.4% year on year and 38.1% quarter on quarter
(Q2 2001: loss 9.4m pounds, Q1 2002: loss 5.1m pounds)
-- Loss (before goodwill amortization and taxation) down 50.4% year
on year and 26.2% quarter on quarter to 5.3 million pounds
(Q2 2001: loss 10.7m pounds, Q1 2002: loss 7.2m pounds)
-- Operating cash outflow reduced to 1.4 million pounds for the
Quarter, a reduction of 85.2% year on year and 64.7% quarter on
quarter (Q2 2001: 9.1m pounds, Q1 2002: 3.8m pounds)
-- Cash balance remains strong at 34.7 million pounds
-- lastminute.com starts the process of the consolidation in the
European online travel sector with the completion of its first
major U.K. acquisition
Commenting on the results
Allan Leighton, Chairman, said: "The early delivery of operational profitability in the U.K. and France ensures that lastminute.com is well placed to meet expectations for the overall Group in the near term. We are also in a position to build upon our recent major U.K. acquisition and lead the consolidation of the online travel sector in Europe."
Brent Hoberman, Chief Executive Officer, added: "The Group continues to demonstrate that lastminute.com's business model is working increasingly well, especially in the U.K., our most developed market. The delivery of dynamic packaging in the Autumn will provide much greater flexibility and choice to our customers as well as adding to the overall Group margins."
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High resolution photographs will be available to media at www.vismedia.co.uk
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 March 31, 2002, lastminute.com had established approximately 10,700 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.