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Tuesday, November 9, 1999 Published at 12:04 GMT

Business: The Company File

QXL sales and users up

QXL is to offer online antique valuations

Online auction company QXL has seen its share price jump after it revealed better than expected numbers of customers and sales.

QXL said it had 246,000 registered users and 130,000 full members of its online auction house.

The number of items listed for auction has risen by 143% over the last three months, to 871,000, it said.

[ image: QXL is selling off parts of the old Wembley Stadium]
QXL is selling off parts of the old Wembley Stadium
QXL floated last month at 195p a share. Following the announcement of its first half performance, that price was up to 334.5p - a 17% rise on the day.

However, QXL has been making increasing losses - £14m in the six months to September, compared to £363,000 for the same period last year.

QXL's finance director, Robert Dighero, said he expected the company to move into profit in three to fours years' time.

Last month, QXL secured the rights to auction London's Wembley Stadium, which is being dismantled to make way for a new national sports ground.

The online sale, which starts in February, will include fragments of the stadium's famous "twin towers", as well as memorabilia from major events such as the 1966 football World Cup and Live Aid.

Mr Dighero said he expected the Wembley auction to raise between £5m and £10m.

QXL's margin would be about 9%.

Mr Dighero said he was also optimistic about QXL's deal with Antiques Roadshow presenter Hugh Scully to offer an online antiques valuation service.

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