Egg on-line to cook up profits

INTERNET banking group Egg has announced it has signed up more than 120,000 customers during the last three months and is on track for its UK business to break into profit next year.

The group, which was floated by Prudential in June, said its customer base now stood at 1.2 million. Losses before tax for the quarter came in at £34.4m, against £38.2m last time.

Mike Harris, chief executive said: "Our results this quarter reinforce our belief that the UK businesses will break-through into profit during the fourth quarter of 2001."

However the company revealed its deposit account customer base was moving away from older postal and telephone acquired customers with large balances to "younger, internet-friendly professionals" with lower balances.

Pedal power: AN environmental charity is gearing up its bid to create a national cycle network thanks to the latest technology from the University of Sunderland. Sustainable transport Sustrans, which is co-ordinating the construction of the UK's cycle network, is using the university's optical scanning facilities to quickly gauge the results of 10,000 questionnaires issued to cyclists. The university won funding of £400,000 earlier this year to upgrade its facilities allowing more firms to benefit from the use of its leading edge technology