QXL ricardo plc ("QXL" or the "Group"; LSE: QXL.L; Nasdaq: QXLC; Frankfurt: QXL.F), the pan-European online auction company, today announces its results for the second quarter ended September 30, 2001 and its interim results for the six months ended September 30, 2001.

Second Quarter ended 30 September 2001 - Operating and Financial Highlights

• Trading loss decreased 56% over the quarter ended 30 September 2000 to £6.1 million.
  
• Gross profit - increased 136% over the quarter ended 30 September 2000 to £1.15 million.
  
• Increase in monetisation rate to 4.5% from 2.4% in the quarter ended 30 September 2000
  
• Gross profit margin increased from 8% in the quarter ended 30 September 2000 to 99%.
  
• Gross auction value increased 25% over the quarter ended 30 September 2000 to £25.2 million.
  
• 3.4 million members at quarter end, a 144% increase over the quarter ended 30 September 2000.

Six Months ended 30 September 2001 - Operating and Financial Highlights

• Trading loss decreased 47% over the six months ended 30 September 2000 to £14.7 million.
  
• Gross profit - increased 138% over the six months ended 30 September 2000 to £2.2 million.
  
• Increase in monetisation rate to 4.3% from 2.8% in the six months ended 30 September 2000
  
• Gross profit margin increased from 12% in the six months ended 30 September 2000 to 82%.
  
• Gross auction value increased 58% over the six months ended 30 September 2000 to £51.6 million.

Recent Developments

• Success fees introduced in the Netherlands and Norway; eight countries now with fee structures, representing over 90% of GAV.
  
• Microsoft Passport authentication feature introduced.
  
• .NET application QXL XPress that provides instant access to the QXL service from the desktop announced in conjunction with Windows XP on 25 October 2001.
  
• Distribution agreement signed with Wanadoo, the market-leading ISP and portal of France Telecom.

Board and Management Changes

Following significant consolidation of QXL ricardo's position across Europe over the last two years, the company has changed the board structure to reflect the current focus on the operations of the business. Mark Zaleski, Chief Operating Officer, is appointed Chief Executive Officer and joins the Board of Directors. Jim Rose, current Chief Executive Officer, is appointed to the newly created position of non-executive Deputy Chairman of the Board. In his new role, Jim will support the continuous development of the company's business strategy and alliances. Both appointments take effect immediately.

In addition, Stan Laurent, President of Strategic Development and an executive director, who has led the successful shift to an agency business model as well as driven the company's acquisitions and ensuing integrations over the last two years, has tendered his resignation from the Board, which he will be leaving as well as his current responsibilities with the company on 31 December 2001.

Commenting on the results, Jim Rose, Deputy Chairman, said:
"QXL was a combination of different businesses and is now a streamlined company. These results show that the integration and rationalisation of businesses we acquired are largely complete and operating expenses greatly reduced. With the business in good shape and delivering on the milestones we have set ourselves, now is an appropriate time for Mark to assume the role of Chief Executive Officer to ensure that we continue to optimise the day-to-day operations of the business."

Mark Zaleski, Chief Executive Officer, added:
"We intend to continue to reduce the expense base, but are now entering a new phase, focusing on cost-efficient top-line growth through continuous product improvement, member loyalty, enhanced seller tools and chargeable services. We are heading forward more focussed and better equipped than we ever have been, and I am confident that we have the right business proposition and team in place."

For further enquiries please contact

QXL ricardo plc
Jim Rose, Deputy Chairman Mark Zaleski, Chief Executive Officer Robert Dighero, Chief Financial Officer Alison Cabot, VP Communications	Tel:	020 8962 7231
Financial Dynamics
Sarah Marshland James Melville-Ross Juliet Clarke	Tel:	020 8962 7231 on 9 Nov 020 7831 3113 on all other dates

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