"It has always been my ambition to see the Group deliver a full
year of profitability," said Lane Fox. "Now this has been achieved,
it is the right time for the business and the right time for me to
explore other challenges."
Lane Fox and CEO Brent Hoberman floated lastminute.com in March
2000, the peak of the dot.com boom. Then aged 27 and 31
respectively, the company boasted a debut share price of 380p,
valuing it at more than £500 million.
However, the share price slumped to just 17p in September the
following year, prompting speculation that the company would
collapse. But the share price has since recovered on the back of
strong trading results, reaching a 52-week high of 318p last
week.
Lane Fox will leave her executive role at the end of 2003. She
will stay with the company as a non-executive director and will
remain a major shareholder.
Brent Hoberman, CEO and co-founder, added: "Martha and I have
worked together for six amazing years and her contribution has been
tremendous."
Ian McCaig, appointed COO in August 2003, will take on Fox's
responsibilities and will today join the board as an Executive
Director.
The company today reported a pre-tax profit (before goodwill
amortisation and exceptional items) for the financial year of
£200,000. This compares to a loss of £16.2 million in the last
financial year. It's gross profit for 2003 grew by 204% to £100.9
million.
Lastminute.com's total transaction value for 2003 grew by 125%
year-on-year to £552.4 million, up from £246 million in 2002.
