QXL Ricardo narrows its losses

NEWS UK auction site QXL Ricardo has reported first quarter results showing a 38 per cent narrowing of its losses, despite falling auction volume. In a statement CEO Jim Rose said he was confident of the firm's prospects despite the reduction in the number of trades, pointing to a rise in the gross margins on revenue. However QXL's balance sheet remains firmly in the red, with a loss of £10.7m for the quarter on revenues of just £1.6m. Shares in the auction site rose at first, but later fell back 0.5p by midday, to trade at 5.25p.