Cazoo sees revenue grow sevenfold as New York listing nears
Used car firm Cazoo today reported a second straight quarter of whopping revenue growth as it continued its rapid expansion.
The company said that revenues had jumped sevenfold, from £20m in the second quarter last year, to £141m today.
It sold 10,692 cars in the period, five times as many as the 2,022 it shifted in the same quarter a year ago.
As a result, Cazoo posted an £8m gross profit for the period, up from a £1m loss last year.
Founder and chief executive Alex Chesterman said that the company was on track to post revenues of $1bn this year.
Earlier this year the firm announced that it would go public in the US by merging with blank cheque firm Ajax I, a deal which values the start-up at $7bn.
Today it confirmed that the SPAC deal was set to complete in the third quarter of this year, with the last week of August slated for the close.
The news was a major blow to the City, with reports that the London Stock Exchange had pushed hard for Cazoo to list at home.
The firm is the latest effort from serial entrepreneur Chesterman, the investor behind property site Zoopla.
Later this year the used car marketplace will launch in mainland Europe, opening yet more channels for expansion.
Chesterman said: “Our strong performance is a result of the hard work and dedication of everyone at Cazoo, and I would like to thank the entire team for this superb performance despite the COVID restrictions experienced during this period.”