Lastminute reports increased losses
26 November 2004
Online travel and leisure store Lastminute has seen its losses almost double.
The company announced a pre-tax loss for the 12 months to the end of September of £77.2 million, up from a loss of £47.7 million in 2003, largely as a result of European acquisitions.
The site, which sells cut-price tickets and package holidays, said pre-tax earnings rose 60 per cent to £24.1 million over the year.
"Whilst demonstrating continued improvements in most key metrics our financial performance has fallen short of expectations," chief executive Brent Hoberman said.
"Our acquisition strategy has given us the necessary scale to compete across our core European market but this has come at the expense of a higher cost base."
Lastminute shares fell 13.5 per cent following the news, ending the day down 16.25p at 103.50p.
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