lastminute.com pushes for profitability

Online retailer lastminute.com continued its push for profitability today after narrowing losses in the first quarter of its financial year.

Online retailer lastminute.com continued its push for profitability today after narrowing losses in the first quarter of its financial year.

The group said it had made progress in the three month period to December 31, with losses before one-off costs down 46% on a year earlier at £3.8m (€5.79m).

The update comes after the former stock market darling broke into the black in a previous quarter covering its busy summer months.

Chief executive Brent Hoberman said lastminute’s wider geographical spread and greater range of products following four acquisitions in a year had helped.

He added: “We have achieved another quarter of significant progress.”

The group, which sells travel and entertainment tickets through its website, said the total value of transactions in the quarter had surged to £87.1m (€132.7m) from the £31.7m (€48.32m) recorded a year earlier.

Lastminute, which operates in eight European countries and through four joint ventures, added it had 6.8 million subscribers at the end of the year.

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