This Egg Is on a Roll

The British cyber bank is turning a profit in a sector many thought had died with the dot-coms

Online consumer sales, online lending, online banking. Didn't all of that explode with the dot-bomb? If it did, somebody forgot to tell Paul Gratton. He's the CEO of Egg PLC, a London-based Internet financial services company that is rolling along very nicely, thank you. In the four years since it hatched, the online bank has attracted more than 2 million customers. Last year it generated revenues of $132 million, almost 10 times as much as in its first full year of operation. And on Feb. 25, Egg announced its first profit-making quarter -- $5.7 million for the final three months of 2001.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.