Cazoo Group Ltd. (NYSE: CZOO) has reported financial results for the three months and six months ended June 30th, 2022. Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “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 Q2 and grew our market share significantly, despite the tough macroeconomic backdrop, as the consumer shift towards online car buying continues to accelerate. The company has sold over 80,000 retail units online, including over 30,000 in the first half of this year as the company achieved record revenues in H1 of £628m, up 153% YoY, as consumers continue to embrace the selection, value, transparency and convenience of our proposition.
Stephen Morana, Chief Financial Officer of Cazoo, added, “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. We continued to see significant revenue growth of 145% YoY in Q2 to £333m, driven by a 124% increase in vehicles sold and solid uptake of our finance and ancillary products. Our revenues over the first half of the year grew more than 150% YoY to £628m, as we sold a record 30,386 retail units in the period. Alex Chesterman OBE, Founder & CEO of Cazoo, commented “I am delighted to welcome Paul to the Cazoo team. He has a proven and strong record as Chief Financial Officer of a number of leading international businesses across a variety of sectors and we look forward to benefitting from his wealth of experience as we continue to scale our operations while remaining laser-focused on cash preservation and our path to profitability. I would like to thank Stephen for his notable contributions, including leading the Company through its NYSE listing, and we wish him all the best in his future endeavours.”