LONDON, Nov. 22, 2002 (PRIMEZONE) -- lastminute.com (Nasdaq:LMIN) (LSE:LMC) today announces fourth quarter results completing a year of transformation. In Quarter 4 the Group has delivered, for the first time, positive operating cashflow, Group EBITDA of 2.8 million pounds and Group pre tax profit (pre exceptional items and goodwill amortisation).
-- Completion of 3 strategic acquisitions and an investment in core
countries and core categories. The integration of
Travelselect.com and Destination Group completed as planned by
September 30, 2002
-- Customer conversion rate improves to 22.6% from 13.9% in Quarter 4
2001. Cumulative customer numbers since inception are now
approaching 1.3 million
-- Total transaction value for 2002 grew 98% year-on-year to 246.0
million pounds (2001: 124.2 m pounds). TTV for the Quarter grew
by 140% year-on-year (Q4 2001: 46.9m pounds). Year-on-year
organic growth in Quarter 4 amounted to 55% across the Group
-- Gross profit for 2002 grew by 93% to 33.3 million pounds (2001:
17.2m pounds) and for Quarter 4 2002 by 129% year-on-year (Q4
2001: 6.4m pounds)
-- Group EBITDA of 2.8 million pounds achieved in Quarter 4 for the
first time, against an equivalent loss of 5.7 million pounds for
Quarter 4 2001
-- In Quarter 4 we have delivered for the first time Group pre tax
profit (pre exceptional items and goodwill amortisation) of 0.3
million pounds (Q4 2001: loss before tax (pre goodwill
amortisation) 7.4m pounds)
-- Positive operating cashflow of 0.4 million pounds in Quarter 4, a
net improvement of 7.2 million pounds year-on-year (Q4 2001:
outflow 6.8m pounds). Cash balance grows to 49.6 million pounds
at September 30, 2002 (Q4 2001: 46.6m pounds)
Allan Leighton, Chairman said: "2002 has been a very successful year delivering strong organic growth strengthened by strategic acquisitions in core countries. The new financial year has started strongly and we are confident of another year of sustained and improving performance as we continue to rapidly increase our scale and presence in targeted markets and sectors."
Brent Hoberman, Chief Executive, added: "The integration of Degriftour in France and Travelselect.com and Destination Group in the U.K. are complete. The integration process of Travelprice.com is well on track and will be completed by February 28, 2003 and will provide significant operational synergies."
For full report with tables, please use the following link: http://reports.huginonline.com/882588/110786.pdf
High resolution photographs will be available to media at www.vismedia.co.uk
Notes to Editors:
About lastminute.com
lastminute.com operates directly in eight European countries and participates in four international joint ventures, providing inspirations and solutions for customers at the last minute. At September 30, 2002 lastminute.com had over 6.4 million subscribers to its weekly newsletter and had established approximately 14,500 supplier relationships. lastminute.com remains the leading independent European travel and leisure site across six countries.
The business is based on the idea of matching supply and demand. lastminute.com offers consumers opportunities to acquire airline tickets, hotel rooms, package holidays, entertainment tickets, restaurant reservations and food delivery, speciality services, gifts and auctions in the United Kingdom, France, Germany, Italy, Sweden, the Netherlands, Spain, Belgium, Australia, New Zealand, South Africa and Japan. The travel portfolio of lastminute.com has been further supplemented by the acquisition of Travelselect.com, Destination Group and Travelprice.com in April 2002, June 2002 and at the end of July 2002 respectively.