Breaking Travel News Announces 3Q 2004 Results
has unveiled its third quarter financial results which
indicate that the company is faring well amidst a challenging environment.
The results show a 78.2% increase in total transaction value which in the
same period of ‘03 was £150.9 million but this year stood at £268.9 million.

“ has performed well in a challenging quarter for the travel
industry.  Our model continues to show its resilience with underlying
margins remaining strong.  The move by the consumer to be even more last
minute makes our unique model more relevant than ever.  However, the summer
quarter as always remains both key and difficult to predict.  We expect to
make significant improvements year-on-year with Quarter 4 TTV of around the
£400.0 million mark based on July trading” said Chairman Allan Leighton.

The results showed a 57.0% increase in gross profit up from £29.5 million in
‘03 to £46.3 million. Share price dropped by 5.46p this year whereas last
year they dropped only 4.22p. There are indications that the group would
like to implement cost cutting measures in the form of 10% savings in 2005, said this would not include travel agents commission.

Brent Hoberman, lastminute’s Chief Executive Officer added; “We have
consolidated our position as the leading online independent travel and
leisure group in Europe and have made continued progress in a number of key
areas of our operation. We have enhanced our product offerings, improved the
service to customers and continued to grow organically with the branded businesses growing by 50.0% in July 2004. Whilst the
outlook for the final quarter of the financial year remains challenging we
remain confident of making further significant progress.”



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