Online car retailer Cazoo Group’s losses for the first half of 2022 more than doubled to £243m from £102m in the year-ago period.
However, the firm’s revenues for the period ended 30 June 2022 soared 153% year-on-year (YoY) to £628m.
Cazoo sold 43,668 vehicles during the period, which represents a surge of 113% YoY from the previous year’s 20,454 mark.
Cazoo’s UK Retail GPU (Gross Profit per Unit) stood at £226, which was impacted by investments made in the second half of 2021 in reconditioning and car buying launch.
In comparison with the first quarter of 2022, the UK Retail GPU was 2.5x higher in the second quarter at £309.
During the second quarter, revenue surged by 145% YoY to £333m and vehicle sales touched 23,955, a 124% YoY increase.
The firm noted that it has £400m cash and £175m of self-financed inventory on its balance sheet.
Cazoo CFO Stephen Morana said: “Our Q2 performance gives me confidence in our plan to position Cazoo for profitable growth, with a relentless focus on improving unit economics, reducing costs and maximising liquidity.”
Cazoo founder & CEO Alex Chesterman OBE said: “We achieved record revenues and retail unit sales in Q2 and grew our market share significantly, despite the tough macroeconomic backdrop, as the consumer shift towards online car buying continues to accelerate.
“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.”