By Sonya Rabbitte, 17 October 2001 12:25
NEWS Egg said it is on target to break even in the next quarter, as third quarter losses narrowed 29 per cent. Pre tax loss for the third quarter ending 30 September 2001 fell to £18.4m, down from £34.4m in the same quarter of 2000. Cumulative loss for the first nine months of the year dropped to £81.8m, from £115.1m a year ago. Revenue rose 108 per cent on the third quarter of last year to £127m. However, customer acquisition slowed with just 83,000 new customers signing up in the quarter - compared with 107,000 new registrations in the third quarter of 2000. Egg said that while it still expected to make its break-even deadline next quarter, last month's US attacks hit the business in September and has slowed its plans to expand into Europe. The company also said it was more than doubling its bad debt provision on credit cards to £52.5m, reflecting current economic uncertainties.
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