The Independent and all the other stupid arsehole British financial journalists know a) nothing about business b) nothing about technology companies c) nothing about anything that goes on outside of Britain.
Google has a $100 billion market cap and started in a similar way to where QXL is now. The unique dynamics associated with internet based businesses (huge operating leverage, no inventory or depreciation, no pension fund deficits, optimisation of taxation, unimaginably high gross margins, almost inpregnable barriers to entry, the ability to address literally billions of potential customers without adding one single member of staff etc etc etc) are such that QXL's current £120m market cap is still way too low.
The journalists writing these articles have of course no idea about any of the above
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