Things are not as they should be down at Cazoo HQ, after the online disruptor posted half-year results showing it has more than doubled its losses against the same period last year.
Its financial results for Q1 and Q2 2022 lay bare the firm’s losses at £243m, well over double the losses it made in Q1 and Q2 2021. This despite selling 43,668 second-hand cars, up 113% in the first six months of 2021.
Cazoo reports that over 30% of sales are going direct to the customer.
Boss Alex Chesterman said: “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.”
Meanwhile, Paul Woolf will come in as Cazoo’s new CFO later this year, replacing Stephen Morana who has been at Cazoo since 2020.