Lastminute co-founder to quit after first profit announced

Online retailer lastminute.com reported its first annual underlying pre-tax profit and announced its managing director and co-founder Martha Lane Fox will stand down at the end of 2003.

The company, which specialises in discount holidays and flights on-line, reported pre-tax profits (before goodwill, amortisation and exceptional items) of £200,000 (€284,979) for the year ended September 30.

Ms Lane Fox said in a statement: "It has always been my ambition to see the group deliver a full year of profitability."

She is to stay on as a non-executive director, the company said.