QXL's future in the balance

FALLEN dotcom star QXL ricardo was fighting for its life on Friday after revealing it has less than £1m of cash left in the bank - half its quarterly spend.

Chief executive Mark Zaleski said it was 'critical' that a recent pick-up in business on the group's online auction sites continued and added that he was looking at alternative financing arrangements.

QXL, once billed as a rival to US giant eBay, cut trading losses by 57% to £1.2m in the third quarter to 30 September but turnover fell 18% to £906,000.

The group's cash balance at the end of the quarter was £936,000 against £2.7m in March.