Egg’s First-Half Losses Narrow

24 July 2001

UK-headquartered online bank Egg has posted narrowing first-half losses, beating analysts’ expectations.

In the first six months of the year, the firm reported a pre-tax loss of £63.4m, 21% lower than last year’s £80.7m and better than forecasts of £65–£70m. It added that it had attracted 370,000 new customers in the period, 19% up on last year.

Egg hopes to break even in the last three months of 2001, though chief executive Paul Gratton would not reveal when he expected a period of sustained profits.

Egg recently forged a distribution deal with Microsoft as it attempts to establish a presence abroad [WAMN: 20-Jul-01].

News source: BBC Online Business News (UK)