Cazoo announces record results
- 3 August 2022
- Posted by: Alan Feldberg
- Category: News
Cazoo has announced record revenues of £333m for the second quarter of 2022, an increase of 145% year-on-year.
Meanwhile, vehicles sales were also up, 124% to 23,955.
Alex Chesterman OBE, founder and CEO of Cazoo, said: “I am very proud of what we have accomplished so far in 2022 as we continue to transform the car buying and selling experience for consumers. We achieved record revenues and retail unit sales in the second quarter and grew our market share significantly, despite the tough macroeconomic backdrop, as the consumer shift towards online car buying continues to accelerate.
“Despite having launched only two and half years ago, we have now sold over 80,000 retail units entirely online, including over 30,000 in the first half of this year and we achieved record revenues in the first half of £628m, up 153% year-on-year, as consumers continue to embrace the selection, value, transparency and convenience of our proposition.
“Whilst our growth remains very robust, we are laser-focused on maintaining our strong balance sheet, preserving cash and materially reducing the need for further funding as we drive towards profitability. Our balance sheet remains strong with over £575m of cash and self-financed inventory at the end of June.
“However, given our focus on cash preservation and achieving profitability, we have initiated a full strategic review of our business in mainland Europe, with a view to further reducing cash burn and aiming to ensure that we have an executable plan which materially reduces any further external funding requirement.”