LONDON, Feb. 5, 2002 (PRIMEZONE) -- 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 third quarter ended 31 December 2001.
Commenting on the results Mark Zaleski, Chief Executive Officer, said: "These results reflect another solid quarter for QXL and represent the fifth consecutive quarter in which we have increased gross profit and reduced operating expenses. Our focus on the customer proposition and product enhancements is increasing the underlying transaction volumes. The co-branding program, which we are announcing today, follows the success of co-branded auctions with many leading brands and portals, and will drive further traffic to our sites. We anticipate that the significant progress we have made in this quarter in cost control, marketing partnerships and enhancing the customer offering, will provide a solid platform for future growth. Finally, I would like to welcome Thomas Power to the board as a non-executive director and look forward to working with him."
Third Quarter ended December 31, 2001 - Operating and Financial Highlights
-- Gross profit increased 92% over the quarter ended
December 31, 2000 to 1.4 million pounds.
-- Trading loss decreased 56% over the quarter ended
December 31, 2000 to 5.4 million pounds.
-- Operating expenses reduced 47% over the quarter ended
December 31, 2000 to 6.8 million pounds.
-- Increase in monetization rate to 5.8% from 2.9% for the quarter
ended December 31, 2000.
-- Agency Gross Auction Value increased 17% to 24.5 million pounds
over the quarter ended December 31, 2000.
-- 3.7 million members at quarter end, a 41% increase over the
number at December 31, 2000.
Recent Developments
-- Launch of the Co-Branding Program, providing an integrated auction
solution to QXL's existing and future partners.
-- Fee introduction in Norway and the Netherlands.
-- Pan-European marketing partnership signed with MSN, Europe's
number one web destination, for an exclusive content and
e-commerce agreement.
-- Pan-European implementation of DoubleClick's DARTmail email
platform, and DART for Publishers (DFP) ad-serving technology.
-- Co-branded auction agreements signed with the Telewest site
BlueYonder.co.uk and with SceneOne.co.uk and Bravo.co.uk of
Flextech Interactive.
-- Exclusive auction partnership signed with SFDRS, the leading Swiss
television station, to provide auctions during the 2002 Winter
Olympics.
-- Distribution deal with Scandinavian Online, Norway's largest
portal and internet site, whereby QXL.no will be the exclusive
auction partner.
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