Online retailer Lastminute.com has reported reduced losses and a doubling in sales volumes in a "further shift towards group profitability".

The company said its pre-tax loss before one-off items for the April to June quarter had narrowed to �4m, compared with �9.3m for the same period last year.

The value of transactions handled by Lastminute operations, including recent acquisitions, surged to �61m, from �29.3m a year before.

The number of subscribers to Lastminute's e-mail service rose almost 60% over the year to 5.6 million.

While margins on transactions narrowed, the firm said the "strong" data showed it was still making advances towards hitting profitability.

In the key UK and French businesses, which have already passed breakeven, "growth in operational profitability continues", the firm added.

Acquisition trail

Lastminute.com has been busy buying up companies in the past few months, as it seeks to consolidate its position and expand across Europe.

Last month it bought the French-Italian flights firm Travelprice.com for �32m.

In June it snapped up Destination Holdings Group, and in April it bought the UK flight booking service Travelselect.com for �9m.

Speaking on BBC Breakfast News, Lastminute's group managing director Martha Lane Fox denied that the spending spree was designed to make the company look more attractive to possible US suitors.

"We're buying businesses because it's absolutely the right opportunity for our shareholders, and more importantly for our customers, because it keeps increasing our product range and the robustness of our model," she said.

But the takeover trail is likely to cold for the next couple of months, finance director David Howell said.

"We are having a pause for breath while we get on with the integration of these businesses which is well on track," Mr Howell said.

Share price rebound

Lastminute.com, which sells holidays and event bookings online, was one of the most high-profile companies to emerge from the internet boom.

But the company became the butt of jokes when the internet bubble burst.

When the company floated in March 2000 its share price jumped to nearly �5, but then dropped sharply and reached a closing low of 18.75 pence last October.

Since then the stock has been one of London's best performers, closing on Tuesday at 95.5p.

The shares closed 1p higher at 96.5p on Wednesday.