Cazoo gross profits decline 9.1% in Q3 to £10m, turnover doubles

Cazoo saw UK gross profits decline 9.1% to £10m in the three months to September on turnover up 103% to £347m.

The total number of vehicles it sold rose 82% to 23,775 vehicles compared to the three-month period in 2021. Retail sales doubled to 18,889.

UK retail GPU fell 39% to £488 in the three months compared to last time although it was an improvement on the £309 and £124 achieved in Q2 and Q1, respectively.

Alex Chesterman OBE, founder and CEO of Cazoo, said he was” very pleased” with the Q3 performance as the group increased its market share.

“We continued to see a strong upward trajectory in our UK Retail GPU of £488 during the quarter, which was up by a further £179 (+58%) compared to the prior quarter.

“This improvement was a result of continued efficiency gains across buying, reconditioning and product and was achieved despite ongoing inflationary pressures.”

It said that it was now buying cars at scale and they accounted for 40% of its UK retail unit sales in the period.

He said the balance sheet remained “very strong” and its decision to withdraw from Europe had ensure it had a plan to reach profitability without seeking further funding from investors.

 

Summary Results – UK 

 

  Three months ended
  September 30, 2022

(unaudited)

June 30,

2022

(unaudited)

March 31,

2022

(unaudited)

  September 30, 2021

(unaudited)

Change YoY
UK Vehicles Sold

 

Retail

 

Wholesale

23,775

 

18,889

 

4,886

21,891

 

15,784

 

6,107

18,679

 

12,844

 

5,835

  13,074

 

9,460

 

3,614

+82%

 

+100%

 

+35%

UK Revenue (£m)2 347 304 278   171 +103%
          Retail (£m)2 296 255 225 136 +118%
          Wholesale (£m) 34 32 36 22 +55%
          Other (£m)2 17 17 17 13 +31%
UK Retail GPU (£)3 488 309 124   801 (313)
UK Gross Profit (£m) 10 3 3   11 (1)
UK Gross Margin (%) 3.0% 0.9% 1.1%   6.7% (3.7)%pts

 

 

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