QXL growth raises investor confidence

NEWS Shares in UK online auctioneer QXL rose 15 per cent during early trading today after the company issued strong fourth quarter and year-end results. The results show QXL's losses falling by £300,000 to £11.1m while its number of registered users rose by 50 per cent. The company also reported an 87 per cent rise in the value of its online auctions - up to £9.7m. Jim Rose, CEO of QXL, said the results meant the company was well positioned to take on the European online auction market. The figures were announced at the end of a quarter during which QXL agreed mergers with German and Scandinavian competitors Ricardo.de and Bidlet. The rise in QXL's share price still puts it at only just over one-tenth of its highest valuation, reached in March. The company listed publicly in October last year.