Cazoo, the online car retailer, reported a boom in gross profit, increasing from £3 million to £14 million in the first three months of 2023, following a year of instability.
The London-headquartered, but New York-listed, firm, however, reported an 11 percent dip in revenues, down to £247 million.
But markets reacted well to the firm’s latest quarterly results, with shares up some seven per cent at the time of reporting.
The latest results follows a year of crisis, which saw Cazoo shares fall a whopping 95 per cent due to rising interest rates, inflation and continuing supply chain problems.
The turmoil ultimately resulted in hundreds of staff laid off, and in January, Cazoo’s founder and former CEO Alex Chesterman was replaced by Paul Whitehead.
Whitehead said today that he was “very pleased with our performance,” and that the restructuring was “starting to bear fruit.”
He added that “whilst the broader economic environment was challenging, demand was robust in the quarter and we sold 13,314 retail cars as our online proposition continues to resonate with consumers.”
“We remain laser-focused on improving our unit economics, optimizing our fixed cost base and maximizing our cash runway,” he said.