26 Jul 2000
Egg plc Results for the six months to 30 June 2000
- Loss before tax of £80.7m (30 June 1999 - £69.7m), in line with expectations at the time of the IPO.
- Total revenue increased to £33.2m (30 June 1999 - £2.1m).
- Loss per share decreased to 8.0p (30 June 1999 - 9.7p).
- 311,000 new customers acquired during the period, 80% coming via Egg Card.
- Successful IPO completed, raising £150m for Egg.
- Brand awareness has now reached 79%.
- Egg Invest, online mutual funds supermarket, successfully launched in March.
- Share dealing service launched on 23 July, 2000.
- Egg continues to be seen as the UK's leading e-commerce financial services website.
Commenting on the results, Chief Executive Mike Harris said: "We have covered a lot of ground in the first six months of the year, successfully completing our IPO and continuing to invest in developing new products and services. During the remainder of this year, we will launch Egg Insure, an online insurance supermarket, a joint loyalty/credit card with Boots, e-wallet functionality for online shopping customers and make Egg services available through WAP and digital TV."
"Whilst we are seeing increased competition from both new entrants and incumbents, Egg has been built to prosper in a low margin era. I am confident that the strength of our brand, established customer base and our team's proven ability to develop the business rapidly will allow us to be leaders in online financial services."
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