QXL ricardo plc ("QXL" or the "Group"; LSE: QXL.L; Nasdaq: QXLC; Frankfurt: QXL.F), the pan-European online auction company, today announces results for the fourth quarter and the year ended 31 March 2002.

Commenting on the results Mark Zaleski, Chief Executive Officer, said:
"The results for the year show solid growth in the transactions conducted across our 12 country operations. Agency Gross Auction Value grew over 36% and trading loss decreased 49%, reflecting the benefits of the substantial changes we have made to the business throughout the year. We are particularly pleased with the growth in transaction volumes in the fourth quarter and are confident that the significant progress we have made during the year in enhancements to the customer offering, monetisation and cost control will continue to help us in our drive to profitability."

Year ended 31 March 2002 - Highlights

• Agency Gross Auction Value increased 36% to £102.3 million for the year, compared to £75.6 million for the year ended 31 March 2001
  
• Gross profit increased 84% to £4.9 million, compared to £2.7 million for the year ended 31 March 2001
  
• Monetisation rate increased to 4.7% from 2.3% in the year ended 31 March 2001
  
• Operating expenses decreased 42% to £30.1 million, compared to £52.1 million for the year ended 31 March 2001
  
• Trading loss decreased 49% to £25.2 million, compared to £49.5 million for the year ended 31 March 2001
  
• Total members increased to 4.0 million at 31 March 2002, a 38% increase compared to the figure at 31 March 2001
  
• Cash and funding facilities, if fully drawn, of £24.8 million at year end

Fourth quarter ended 31 March 2002 - Highlights

• Agency Gross Auction Value decreased 10% to £26.8 million, compared to £29.7 for the quarter ended 31 March 2001 but increased 9% over the previous quarter
  
• Gross profit increased 26% to £1.3 million, compared to £993,000 for the quarter ended 31 March 2001
  
• Operating expenses decreased 40% to £6.5 million, compared to £10.7 million for the quarter ended 31 March 2001
  
• Trading loss decreased 47% to £5.2 million, compared to £9.7 million for the quarter ended 31 March 2001
  
• Monetisation rate increased to 4.7% from 3.1% for the quarter ended 31 March 2001

For further enquiries please contact

QXL ricardo plc
Mark Zaleski, Chief Executive Officer Robert Dighero, Chief Financial Officer Alison Cabot, VP Communications	Tel:	020 7831 3113 on 3 May 2002 020 8962 7231 all other dates
Financial Dynamics
James Melville-Ross Juliet Clarke	Tel:	020 7831 3113

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