The London-based internet travel shop lastminute.com has reported
its first quarter financial results showing losses of £11.71
million for the three months to December 2000 and a disappointing
increase in subscribers. It has signed a deal with rival travel
company Thomas Cook to offer longer term bookings.
Lastminute.com currently offers consumers last minute
opportunities to acquire airline tickets, hotel rooms, package
holidays and gifts in the UK, France, Germany, Italy, Sweden,
Spain, The Netherlands and Australia.
In October 2000, lastminute.com acquired the French Degriftour
Group. In January this year, lastminute.com/Degriftour was rated as
the most popular on-line travel site in Europe.
The company today announced that it will begin working with
thomascook.com. Under the terms of the deal, customers who visit
lastminute.com looking for a holiday more than six weeks in advance
will be directed to a joint site showing holidays available on
thomascook.com. lastminute.com will also be opening its range of
products to thomascook.com’s customers and thomascook.com will be
one of lastminute.com’s preferred flight partners.
According to lastminute.com’s results, total transaction value
for the quarter ended 31st December 2000 was £20.2 million,
representing a 53% increase compared to the quarter ended 30th
September 2000.
Turnover almost doubled compared to the period ended 30th
September 2000 and was over 7 times that in the corresponding
period in the prior year. Gross profit for the quarter ended 31st
December 2000 was £2.8 million compared to £1.3 million in the
previous quarter, an increase of 109%.
However, losses almost doubled to £15.4 million. Part of this
loss was attributed to the company’s acquisition of Degriftour. At
31st December 2000, the cash position of the group stood at
approximately £70.9 million which it says will be sufficient to
reach profitability.
