QXL ricardo plc (“QXL” or the “Group”; LSE: QXL.L; Nasdaq: QXLC), the pan-European online auction company, today announces results for the third quarter ended 31 December 2002.

Third Quarter ended 31 December 2002 – Operating and Financial Highlights

• Transaction volumes increased 114% over the quarter ended 31 December 2001.
  
• Gross profit decreased 8% over the quarter ended 31 December 2001 to £1.3 million as a result of lower advertising revenues, partially offset by higher gross profit from transactions
  
• Operating expenses reduced 47% over the quarter ended 31 December 2001 to £3.6 million
  
• Trading loss decreased 57% over the quarter ended 31 December 2001 to £2.3 million.
  
• New shares in QXL Poland sp z.o.o (“QXL Poland”) were issued without the Company's knowledge. The Company has initiated a legal process in Poland in an attempt to recover control of the business and these shares, representing 92% of QXL Poland.

  Commenting on the results Mark Zaleski, Chief Executive Officer, said:

  “These results reflect another solid quarter for QXL in which we have continued to show a strong increase in our transaction volumes whilst further reducing operating expenses. We have continued to progress well this quarter in restructuring our technology operations and expect the benefit of this to become clear in following quarters through lower costs and increased transaction levels from a faster and enhanced customer proposition.”

  QXL ricardo plc
  Mark Zaleski, Chief Executive Officer
  Robert Dighero, Chief Financial Officer
  Tom Parkinson, Company Secretary	+44 20 8962 7231

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