Lastminute.com predicts profits in 2002

Online traders lastminute.com today posted a surge in turnover and pledged it would break even in six months.

Online traders lastminute.com today posted a surge in turnover and pledged it would break even in six months.

Turnover for the year to September 30th jumped from last year's £3.7 million to £18.4 million sterling.

The group attributed the hike to an increase in subscribers - from 2.9 million to 4.2 million - although turnover was also boosted by last year's purchase of French online travel firm Degriftour.

Total transaction value across the group - which sells a range of cheap products, from theatre tickets to holidays - was up from £34.2 million to £124.2 million.

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Pre-tax losses did increase, however - to £39.1 million from £35.8 million, although this was better than expectations of £40 million.

Chairman Mr Allan Leighton said: "Lastminute.com has delivered strong fourth quarter results completing an encouraging year as whole.

Tourism and the travel industry has been hard hit since September 11th, but lastminute said the wide range of goods it sells meant it had not been affected.

Mr Leighton said: "Overall, we are confident of another year of sustained and improving performance building towards profitability and positive cash flow".

PA