Cazoo saw a 159% rise in turnover in Q1 to £295m with gross profit falling 50% to £2m.
The unit vehicle sales rose 102% to 19,713. UK retail gross profit per unit fell 13.3% to £124.
It continues to expand in Europe, making ‘further progress’ in France and Germany as it prepared to launch in Italy and Spain mid-year
Alex Chesterman OBE, founder & CEO of Cazoo, said business growth was helped by the investment in reconditioning facilities made in 2021.
“We achieved over 50% sequential quarterly growth in retail units sold in the period, driven by increased inventory available on our website, supporting our thesis that increased reconditioning output leads to greater sales.
“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.”
Stephen Morana, chief financial officer of Cazoo, said: “I am encouraged by the progress we have made in Q1, significantly increasing our revenue by 159% year-on-year driven by strong UK retail sales.
“As previously detailed, our Q1 UK retail GPU was impacted in the short term from investments made in the second half of last year with the launch of our car buying channel and bringing our UK reconditioning in-house.
“We expect a significant improvement in our UK Retail GPU in Q2 and throughout the rest of the year as we start to see the benefits of these investments.”