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Group News ReleasesQ3 Financial Results and New Business Figures for Egg plc16 Oct 2000 Excellent Third Quarter performance confirms Egg is bang on track Highlights:
Egg has continued its strong customer acquisition in the third quarter of 2000 acquiring 120,260 new customers taking the total number of customers to 1.2 million after allowing for attrition of 12,953. The cross buying rate within our existing customer base continued to increase with over 70,000 products cross bought in the period. We have continued to see an encouraging shift in the profile of our deposit account customer base from older postal and telephone acquired customers to younger, Internet-friendly professionals who have a higher propensity to buy other financial services products from Egg. However this has meant that, although on a net basis deposit customer numbers grew in the quarter, Egg deposit funds under management reduced by £443 million. Egg has continued to deliver against its development programme successfully launching both its General Insurance online supermarket and its combined loyalty/credit card in partnership with Boots. Both are industry innovations, offering market-leading rates for customers. Commenting on the last three months performance, Mike Harris, Chief Executive of Egg, said: 'We have seen good acquisition performance in the third quarter, adding over 120,000 new customers. We have continued to provide innovative new products and services that are proving attractive to our core customer base, with 70,000 new products cross-bought in the period. Our brand goes from strength to strength and we are very pleased with the early results of our new brand advertising, which is having a noticeable effect in increasing traffic to our website. 'Even the decline in total deposit balances is on the whole positive for Egg, as it reflects a transition to a more valuable customer base with a high propensity to transact over new channels, especially the Internet. 'Our results this quarter reinforce our belief that the UK businesses will break-through into profit during the fourth quarter of 2001.' For Further Information: Media Relations: Press Office Investor Relations: Kieran Coleman To view the full Q3 Financial Results please click here.
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