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Identical servers perform differently

We are currently migrating from one web server to another and are encountering peculiar performance issues. Both servers are Server 2003 with SQL 2000 Standard with SP4, and we have about 100 sql databses. The hardware spec is P4 2.8GHz processor and 2GB of RAM.
The only difference between the 2 servers is that the older server has a dual core processor where the new one doesnt.
What we are finding is that when someone goes to the homepage on the old server the sqlservr.exe process in Task manager will go to about 2% and then about 10% when a user logs in, whereas when a user goes to the new server, just accessing the homepage will shoot the sqlservr.exe up to over 90%. We frequently have classroom full of kids trying to access our site at once and with the new server we are unable to have more than 6 people logging on at once as CPU usage will go up to 100% and customers wil be unable to log on. When a customer logs on to our site they download a renderer of about 0.5MB in size. I find it hard to accept that the difference in performance can be down to having a dual core processor in one server and not in another, but the programmers say that this has to be the case as SQL and IIS are configured the same in both and the code is the same in both. The programmers say that they didnt detach and reattach the databases, they simply copied them across and set them to autoupdate, so updating statitics shouldnt be necessary.
I know nothing about SQL but am having to do this myself as the programmers, who I suspect dont know that much themselves, simply will not entertain the notion that this could be a software problem.
So my questions are, firstly, could this actually really be a hardware issue? And if not what sort of things should I be doing or looking at the try and find the SQL problem?
are you sure one is dual core, and not single core with Hyper-threading enabled?
Yes our hosting company assures us that the processor is dual core.
that is no guarantee,
if you didn’t set up the system,
is this machine running any virtual pc software? tell them to run msinfo32 and send you the output
also run the Intel processor identification utility unless they provide the exact system model and processor model information, you really don’t know if you are just talking to some joker with no idea of the difference also, reboot the dual proc machine with /NUMPROC=1 in boot.ini