Banking

Online car dealer Cazoo hits £8m in profits as it prepares for US listing

Online car dealer Cazoo hits £8m in profits as it prepares for US listing thanks to a seven-fold increase in sales

Founder of Cazoo, Alex Chesterman (pictured)

Cazoo has turned a profit, preparing it for a US listing which will value it at £5 billion. 

The online car dealer said it posted an £8 million gross profit in the three months to June 30, compared to a £1 million loss last year, thanks to a seven-fold increase in sales to £141 million. 

It sold a total of 10,692 vehicles, five times more than the same period in 2020, although still a tiny proportion of the 6.8 million used cars sold every year in the UK. 

The results put it on track to hit ‘revenues approaching $1 billion (£720 million)’ in 2021. Cazoo is expected to go public in New York as soon as this month. DMGT, the owner of the Daily Mail, has a 16 per cent stake and will be one of the major beneficiaries.

Advertisement

Most Related Links :
todayuknews Governmental News Finance News

Source link

Back to top button