Cazoo announced today quarterly revenues have soared 159 per cent, less than a month after the online car retailer posted record profits for the year ended 31 December.
In the first three months of 2022, the company reported revenues worth £259m, while the number of vehicles sold surged 102 per cent on 2021 levels.
Short-term financial performance, the group said, was impacted by investments made in the second half of 2021, including the €80m acquisition of Italian marketplace Brumbrum.
Gross profits per unit went down 19 per cent, while gross profit declined from £4m to £2m.
“As we advance through 2022 we aim to continue to ramp up our reconditioning capacity which we expect to lead to further growth and allow us to continue our progress towards our long-term market share ambitions,” said Cazoo’s chief executive Alex Chesterman.
According to Chesterman, the group will not be swayed by wider macroeconomic headwinds, remaining “laser focused” on executing its strategy.
“We expect any macro headwinds to be transitory in nature and remain extremely excited by the enormous market opportunity for Cazoo and are very confident in achieving our long-term growth and margin targets.”
Cazoo’s quarterly results come less than a month after the online car retailer posted record revenues for 2021, with revenues rocketing 312 per cent to £668m and gross profit going up to £25m, City A.M. reported.
For all the latest Lifestyle News Click Here
For the latest news and updates, follow us on Google News.
