Egg sees losses rise - but still predicts break-even this year

Egg, the pioneer in the British internet banking sector, reported a slightly bigger pre-tax loss for last year, but claimed it was on track to break even in the fourth quarter of this year.

Egg, the pioneer in the British internet banking sector, reported a slightly bigger pre-tax loss for last year, but claimed it was on track to break even in the fourth quarter of this year.

The bank, which floated last June at 160 pence a share, said the loss of £155.3m was in line with its p[lans at the time of the floatation. Last year the bank lost £149.7m.

The results had little effect on Egg shares, which were almost unchanged at 133p after the news. The markets had forecast a loss of that magnitude, predicting one of £151m-£160m.