**NEWS FLASH**

QXL Ricardo has cheered investors like our members with the prospect of profitability without raising funds or selling more assets.

The pan-European group said it had been encouraged by its performance in the three months to December 31, as turnover increased 20% on a year earlier to £1.2 million and losses decreased 88% to £474,000.

Chief executive Mark Zaleski said the period had seen a number of milestones passed, with only head office costs preventing the group from reporting a profitable performance in the quarter.