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 30 September 2002 and its interim results for the six months ended 30 September 2002.

Second Quarter ended 30 September 2002 – Highlights

• Transaction volumes increased 76% over the quarter ended 30 September 2001
  
• Gross profit increased 16% over the quarter ended 30 September 2001 to £1.33 million
  
• Operating expenses (before exceptionals) decreased 44% compared to the quarter ended 30 September 2001 to £4.1 million
  
• Trading loss decreased 56% over the quarter ended 30 September 2001 to £2.7 million
  
• Launch of fixed price and classifieds channels

Six Months ended 30 September 2002 – Highlights

• Transaction volumes increased 56% over the six months ended 30 September 2001
  
• Gross profit increased 31% over the six months ended 30 September 2001 to £2.9 million
  
• Operating expenses (before exceptionals) decreased 48% compared to the six months ended 30 September 2001 to £8.8 million
  
• Trading loss decreased 60% over the six months ended 30 September 2001 to £5.9 million

Commenting on the results, Mark Zaleski, said:
“We are pleased with our growth in transaction volumes of 25% compared to the previous quarter and with the launch of our fixed price and classifieds channels, providing a full marketplace offering for our customers. The ongoing development of a more intuitive and faster platform has allowed us to restructure our technology operations, which will result in significant cost savings going forward and which we expect to accelerate our path to profitability.”

For further enquiries please contact

QXL ricardo plc
Mark Zaleski, Chief Executive Officer
Robert Dighero, Chief Financial Officer
Alison Cabot, VP Communications	+44 208 962 7231

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