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Binge buying boosts losses at QXL

European online auctioneer QXL has increased its losses as US rival eBay piles on the pressure this side of the Atlantic.

By Ron Coates

Published: 13 February 2001 11:26 GMT

QXL ricardo, which has been on a buying binge across Europe to establish itself in 13 countries, this morning said third-quarter losses had hit £41.1m, compared to £25.6m for the same period in its previous financial year.

The company blamed the extra losses on costs incurred in integrating the disparate systems used by the various companies purchased. Revenue more than doubled to £4.1m from £1.6m in the comparable period last year. The value of items sold on the site grew 24 per cent to £24.9m.

eBay, the top US auction site, is reported to be poised to buy French online auctioneer Ibazar for £63.9m. The move will also give it control of the eBay.fr address currently owned by an Ibazar founder.

eBay only recently established itself in Italy and the UK. It has concentrated on growing its German acquisition, Alando.de, and boosting its French operation, eBayFrance.

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