The phrases 'QXL' and 'increasing share price' have been strangers since the technology excess of last spring, but claims that the now notorious on-line auctioneer is starting to get its act together were greeted with a 65.3% rise to 10.75p. The first signs of encouragement came from the final quarter of the year to March as pre-tax losses were clawed back to £18.6m - a 23% improvement on the third quarter. The rally came too late, however, to prevent a £143.1m (£66.7m) full-year loss on reduced turnover of £6.3m (£6.9m). Accompanying the results was news of a new strategic partnership with Microsoft that will see the two companies work together 'to deliver an enhanced customer e-commerce experience'. Details of this agreement have yet to be finalised. Chief executive Jim Rose claims to be confident that 'trading losses and cash burn will continue to fall on a quarterly basis over the next year'. The only problem is that losses in the region of £46.8m are still expected for 2002.

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