Lastminute.com Group has revealed €11.6 million in core business revenue for the first quarter of 2021, down 84% year-on-year.
EBITDA for the company was reported as a loss of €5.3 million compared to the €9.2 million it made year-on-year.
The net loss for LM Holding was €12.7 million compared to a loss of €6.7 million year-on-year.
However, Lastminute.com Group says that the results are distorted compared with the first quarter of 2020, which it says was its best ever.
It adds that the results show improvement compared with Q4 2020 when its net loss was €16.7 million.
The company says recovery is on the way on Europe and that it is seeing “steep sales growth trajectory” across the continent although the U.K. still lags.
At the time of the earnings release Lastminute says daily bookings were up 100% compared to the daily average in Q1.
Andrea Bertoli, Lastminute Group deputy CEO, says: “Market conditions are still very challenging but we are finally seeing the light at the end of the tunnel.”
He adds that the group’s “diversified portfolio and geographical reach” should help it as the pace of travel recovery varies in different markets.
Bertoli is expected to be confirmed as executive director and chief operating officer of LM Holding at a shareholders meeting in June as well as CEO of LM Group.
Current CEO Marco Corradino signalled his intention to step down in February.