I feel it Bill. I remember the day on April 6, 2000 when you stepped right in and bought my Qxlc shares for $117 ps. Thank you Bill for being a greater fool, while you were looking for the next eBay.
>The online auction house QXL Ricardo's chief executive, Jim Rose, has stepped aside to be replaced by the company's chief operating officer Mark Zaleski, formerly of Webvan.
The change at the helm was announced along with a sharp fall in trading losses for the six months to 30 September to £14.7m from £27.6m last year.
QXL Ricardo also reiterated that it aims to pull itself out of the red by 2003, and said its funding facilities and cash reserves are worth £33m.
And its new chief executive said he was optimistic about the future, despite global economic concerns.
"We believe that we are in a business that may be counter-cyclical, so as the going gets tough people are more likely to turn to us," said Mr Zaleski.
The company's share price soared 17% higher to 4.95p, but remain far lower peak last year of more than £7.
Rising value, falling volume
QXL Ricardo more than doubled the number of registered members to 3.4 million by the end of September.
In addition, the value of goods and services sold via its website during the six months rose to £51.6 million from £32.7m.
The rises came despite a fall in the number of goods and services auctioned, down 3% from 14.7 million to 13.7 million over the half year.
That is "not a bad thing", said Mr Zaleski, insisting that the fall came after the website introduced fees last year.
The fees, he said, improved the quality of items sold via the site.
Mr Rose, who has been in charge since the company floated on the stock market in 1999, will stay with the firm as non-executive deputy chairman. |
