{"id":701571,"date":"2022-10-27T06:34:46","date_gmt":"2022-10-27T10:34:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cazoo-announces-third-quarter-2022-financial-results\/"},"modified":"2022-10-27T06:34:46","modified_gmt":"2022-10-27T10:34:46","slug":"cazoo-announces-third-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cazoo-announces-third-quarter-2022-financial-results\/","title":{"rendered":"Cazoo Announces Third Quarter 2022 Financial Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwpadl3 { padding-left: 15px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth16 { width: 16% }\n.bwwidth57 { width: 57% }\n.bwwidth8 { width: 8% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Cazoo Announces Third Quarter 2022 Financial Results<\/b><\/p>\n<p class=\"bwalignc\"><b><i>UK revenues and retail unit sales up 100% YoY with significant further progress on UK Retail GPU<\/i><\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Record UK revenues of \u00a3347m in Q3, up 103% YoY driven by very strong UK retail sales growth<\/b><\/li>\n<li><b>Record UK Retail unit sales at 18,889, up 100% YoY as the consumer shift to online accelerates<\/b><\/li>\n<li><b>UK Retail GPU of \u00a3488, up by a further \u00a3179 versus Q2, with efficiencies made across the board<\/b><\/li>\n<li><b>EU strategic review complete with withdrawal underway and expected to complete by year end<\/b><\/li>\n<li><b>Balance sheet remains strong with \u00a3308m of cash and &gt;\u00a3150m of self-funded inventory on hand<\/b><\/li>\n<li><b>Continued progress towards reaching profitability without the need for further external funding<\/b><\/li>\n<\/ul>\n<p>LONDON &amp; NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nCazoo Group Ltd (NYSE: CZOO) (\u201cCazoo\u201d or the \u201cCompany\u201d), the UK\u2019s leading online car retailer, which makes buying and selling a car as simple as ordering any other product online, has announced its financial results for the three months ended September 30, 2022.\n<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20221027005157\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20221027005157\/en\/<\/a><\/p>\n<div id=\"bwbodyimg\" style=\"width: 480px;float:left;padding-left:0px;padding-right:20px;padding-top:0px;padding-bottom:0px\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20221027005157\/en\/1615356\/4\/Cazoo_Single_Car_Transporter_Line_Up.jpg\" alt=\"Line-up of Cazoo single car transporters (Photo: Business Wire)\" \/><\/p>\n<p style=\"font-size:85%\">Line-up of Cazoo single car transporters (Photo: Business Wire)<\/p>\n<\/div>\n<p><b>Alex Chesterman OBE, Founder &amp; CEO of Cazoo, commented,<\/b> \u201cI am very pleased with our strong Q3 performance. Despite the extremely tough UK macroeconomic backdrop, we continued to grow our market share significantly, achieving over 100% growth with UK revenues of \u00a3347m and UK retail sales of 18,889 units during the period, in a used car market which saw an overall decline due to the economic climate. This very strong performance shows that consumers continue to embrace our proposition and the shift to online car buying continues to accelerate. In less than 3 years since launch, we have already become one of the largest used car retailers in the UK, having now sold almost 100,000 vehicles entirely online, and remain incredibly excited about our ability to capture a 5% or greater share of the \u00a3100bn UK used car market.\n<\/p>\n<p>\n\u201cWe continued to see a strong upward trajectory in our UK Retail GPU of \u00a3488 during the quarter, which was up by a further \u00a3179 (+58%) compared to the prior quarter. This improvement was a result of continued efficiency gains across buying, reconditioning and product and was achieved despite ongoing inflationary pressures. At the same time, we have made excellent progress during the quarter in lowering our UK SG&amp;A per retail unit, with a more than 30% reduction versus Q2 2022, a result of our stringent cost focus in combination with continued operating leverage. We remain laser-focused on further improving our unit economics as we drive towards profitability, whilst remaining one of the fastest growing used car retailers in the UK. The positive momentum seen in our UK Retail GPU and UK SG&amp;A per retail unit over the period and our expectations for continued improvement quarter on quarter give us strong confidence in our plan to reach profitability without the need for additional external funding.\n<\/p>\n<p>\n\u201cWe also made significant operational progress during the quarter, including continuing to scale our reconditioning capabilities to record levels, allowing us to maintain our strong inventory levels despite record retail unit sales. Our direct consumer car buying channel, which allows us to significantly diversify our buying mix and supports our retail GPU growth, saw very positive momentum with over 40% of UK retail unit sales during the period sourced directly from consumers, highlighting the strong platform and infrastructure we now have in place to buy cars at scale, whilst achieving exceptional feedback.\n<\/p>\n<p>\n\u201cOur balance sheet remains very strong with over \u00a3450m of cash and self-funded inventory at the end of September. Our business realignment plan announced in June, together with our decision in September to withdraw from mainland Europe, has ensured that we have a plan to reach profitability without requiring further external funding. Our strong growth and momentum in Q3 and our continued focus on cash preservation gives us great confidence in our ability to become the largest and most profitable used car retailer in the UK over time.\u201d\n<\/p>\n<p><b>Summary Results \u2013 UK segment<sup>1<\/sup><\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth57\">\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td colspan=\"5\" class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Three months ended<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwsinglebottom bwpadl0 bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth16\" style=\"height:56px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwalignc bwpadr0 bwvertalignm bwwidth8\" style=\"height:56px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>September 30,<br \/>\n<br \/>2022<br \/>\n<br \/><\/b>(unaudited)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwalignc bwpadr0 bwvertalignm bwwidth8\" style=\"height:56px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>June 30,<br \/>\n<br \/>2<\/b><b>022<br \/>\n<br \/><\/b>(unaudited)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwalignc bwpadr0 bwvertalignm bwwidth8\" style=\"height:56px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>March 31,<br \/>\n<br \/>2<\/b><b>022<br \/>\n<br \/><\/b>(unaudited)\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwalignc bwvertalignm bwwidth1\" style=\"height:56px\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwalignc bwpadr0 bwvertalignm bwwidth8\" style=\"height:56px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>September 30,<br \/>\n<br \/>2021<br \/>\n<br \/><\/b>(unaudited)\n<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwalignc bwvertalignm bwwidth8\" style=\"height:56px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>Change YoY<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwrightsingle bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>UK Vehicles Sold<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>23,775<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>21,891<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>18,679<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>13,074<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwalignc bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>+82%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRetail\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n18,889\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n15,784\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n12,844\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n9,460\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>+100%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwrightsingle bwpadl3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWholesale\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4,886\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n6,107\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5,835\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3,614\n<\/p>\n<\/td>\n<td class=\"bwpadl0 bwrightsingle bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><i>+35%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>UK Revenue (\u00a3m)<sup>2<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>347<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>304<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>278<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>171<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><i>+103%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrightsingle bwpadl3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nRetail (\u00a3m)<sup>2<\/sup><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n296\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n255\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n225\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n136\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+118%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrightsingle bwpadl3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nWholesale (\u00a3m)\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n34\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n32\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n36\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n22\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+55%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrightsingle bwpadl3 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\">\nOther (\u00a3m)<sup>2<\/sup><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n13\n<\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><i>+31%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>UK Retail GPU (\u00a3)<sup>3<\/sup><\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>488<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>309<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>124<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>801<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>(313)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>UK Gross Profit (\u00a3m)<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>10<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>11<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b><i>(1)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwwidth16\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><b>UK Gross Margin (%)<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>3.0%<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>0.9%<\/b><\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>1.1%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a0\n<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>6.7%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwrightsingle bwpadl0 bwalignc bwwidth8\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b><i>(3.7)%pts<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><sup>1<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">As a result of the decision made during Q3 2022 to withdraw from its EU operations the Company will report its European segment as discontinued operations in the FY 2022 results. The above table reflects this change and shows restated data for Q1 2022 and Q2 2022.<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><sup>2<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\u2018Retail revenue\u2019 excludes \u00a3nil of sales in Q3 2022 where Cazoo sold vehicles as an agent for third parties and only the net commission received from those sales is recorded within \u2018Retail revenue\u2019 (Q2 2022: \u00a30.4m, Q1 2022: \u00a31.5m, Q3 2021: \u00a38.3m). \u2018Other revenue\u2019 includes ancillary products, subscription, remarketing and servicing income.<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><sup>3<\/sup><\/p>\n<\/td>\n<td class=\"bwpadl0 bwvertalignt\" rowspan=\"1\" colspan=\"1\">UK Retail GPU (Gross Profit per Unit) is derived from UK retail and ancillary product revenues, divided by UK retail units sold (net of returns). \u2018UK Retail GPU\u2019 was previously referred to as \u2018Retail GPU\u2019 as we did not have non-UK retail revenues prior to December 2021.<\/td>\n<\/tr>\n<\/table>\n<p><b>Third Quarter 2022 Financial highlights<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nStrong growth in UK Revenue up 103% YoY, to \u00a3347 million in Q3<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nUK Retail revenue up 118% YoY driven by continued strong uptake of our proposition\n<\/li>\n<li>\nUK Wholesale revenue up 55% YoY as we continue to increase sourcing from consumers\n<\/li>\n<\/ul>\n<\/li>\n<li>\nVehicles sold up 82% YoY to 23,775 in Q3<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nUK Retail units sold up 100% YoY as we continued to significantly grow our market share\n<\/li>\n<li>\nIncreased wholesale unit volumes as more cars overall sourced directly from consumers\n<\/li>\n<\/ul>\n<\/li>\n<li>\nUK Retail GPU of \u00a3488, up by \u00a3179 versus Q2 2022 and ~4x Q1 2022<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nContinued progression with improved buying, reconditioning and product sales efficiencies\n<\/li>\n<li>\nIncreased metal margin due to improved pricing model and enhanced sourcing mix\n<\/li>\n<\/ul>\n<\/li>\n<li>\nUK Gross profit of \u00a310 million, with a gross margin of 3.0%\n<\/li>\n<li>\nUK SG&amp;A per retail unit down over 30% in Q3 vs Q2 2022 due to operating leverage and strict cost control\n<\/li>\n<li>\nCash of \u00a3308m and self-funded inventory of over \u00a3150m, in line with management\u2019s expectations\n<\/li>\n<\/ul>\n<p><b>Third Quarter 2022 Strategic highlights<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li>\nConsiderable UK market share gains<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nGrowing 100% in a tough economic climate as UK consumers continue to shift to online car buying\n<\/li>\n<li>\nRapidly overtaking established peers in terms of size, now one of UK\u2019s largest used car retailers\n<\/li>\n<\/ul>\n<\/li>\n<li>\nContinued ramp-up of UK end-to-end reconditioning capabilities<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nRecord reconditioning output as we enhance our operational procedures\n<\/li>\n<li>\nSustained strong UK website inventory levels of over 7,000 despite record retail unit sales\n<\/li>\n<\/ul>\n<\/li>\n<li>\nStrong momentum from car buying channel<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nOver 40% of retail units sold in the period sourced directly from consumers\n<\/li>\n<li>\nContinued high level of purchases without supply constraints while further optimising pricing levels\n<\/li>\n<\/ul>\n<\/li>\n<li>\nContinued laser-focus on unit economics and cash preservation<\/p>\n<ul class=\"bwlistcircle\">\n<li>\nRealignment plan progressing well with notable GPU progress and decrease in SG&amp;A per unit\n<\/li>\n<li>\nEU strategic review resulting in full withdrawal and expected net savings of over \u00a3100m by end 2023\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>Current Trading and Outlook<\/b><\/p>\n<p>\nDespite the continued weak macroeconomic environment affecting growth amongst our peers and across other retail sectors, we have maintained our strong Q3 momentum into October where we expect to maintain our growth rate of over 100% YoY and to continue to significantly increase our market share.\n<\/p>\n<p>\nDuring Q4, we expect to see continued strong progress, with UK retail unit sales growth continuing at over 100% YoY, along with significant further improvement to our UK Retail GPU. We continue to expect to reach cash flow breakeven without the need for additional external funding.\n<\/p>\n<p>\nThe UK used car market is the largest in Europe, worth over \u00a3100bn annually. Digital penetration remains materially below almost all other retail sectors and we believe that our market leading platform, brand, team and infrastructure position us well to realise our ambition of achieving a 5% or greater share of the UK used car market over time.\n<\/p>\n<p><b>Changes to the Board of Directors<\/b><\/p>\n<p>\nFurther to the announcement made on August 2, 2022 that Paul Woolf will join as Chief Financial Officer, both he and Cazoo\u2019s Chief Operating Officer, Paul Whitehead, will join the Board of Directors and Lord Rothermere and Stephen Morana will step down effective October 27, 2022 and October 31, 2022, respectively. Paul Woolf will join the Board as a Class II director effective November 1, 2022, with a term expiring at the annual meeting of shareholders to be held in 2023, and Paul Whitehead will join the Board as a Class III director effective October 28, 2022, with a term expiring at the annual meeting of shareholders to be held in 2024.\n<\/p>\n<p><b>Conference Call<\/b><\/p>\n<p>\nCazoo will host a conference call today, October 27, 2022, at 8 a.m. ET. Investors and analysts interested in participating in the call are invited to dial 1-877-704-6255, or for international callers, 1-215-268-9947. A webcast of the call will also be available on the investor relations page of the Company\u2019s website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Finvestors.cazoo.co.uk&amp;esheet=52953716&amp;newsitemid=20221027005157&amp;lan=en-US&amp;anchor=https%3A%2F%2Finvestors.cazoo.co.uk&amp;index=1&amp;md5=3a51a2231c6068367cc2f168cee01912\">https:\/\/investors.cazoo.co.uk<\/a>.\n<\/p>\n<p><b>About Cazoo &#8211; <\/b><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cazoo.co.uk&amp;esheet=52953716&amp;newsitemid=20221027005157&amp;lan=en-US&amp;anchor=www.cazoo.co.uk&amp;index=2&amp;md5=aacbe43f4ad0ac3a18586fd28f40a41e\"><b>www.cazoo.co.uk<\/b><\/a><\/p>\n<p>\nOur mission is to transform the car buying and selling experience across the UK by providing better selection, value, transparency, convenience and peace of mind. Our aim is to make buying or selling a car no different to ordering any other product online, where consumers can simply and seamlessly buy, sell or finance a car entirely online for delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE and is a publicly traded company (NYSE: CZOO).\n<\/p>\n<p><b>Forward-Looking Statements<\/b><\/p>\n<p>\nThis communication contains \u201cforward-looking statements\u201d within the meaning of the \u201csafe harbour\u201d provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of Cazoo may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. These forward-looking statements generally are identified by the words \u201cbelieve,\u201d \u201cproject,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cstrategy,\u201d \u201cfuture,\u201d \u201copportunity,\u201d \u201cplan,\u201d \u201cmay,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cwould,\u201d \u201cwill be,\u201d \u201cwill continue,\u201d \u201cwill likely result,\u201d and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (1) the implementation of and expected benefits from our business realignment plan, the winddown of operations in mainland Europe and other cost-saving initiatives; (2) realizing the benefits expected from the business combination (the \u201cBusiness Combination\u201d) with Ajax I; (3) achieving the expected revenue growth and effectively managing growth; (4) executing Cazoo\u2019s growth strategy in the UK; (5) achieving and maintaining profitability in the future; (6) global inflation and cost increases for labor, fuel, materials and services; (7) geopolitical and macroeconomic conditions and their impact on prices for goods and services and on consumer discretionary spending; (8) having access to suitable and sufficient vehicle inventory for resale to customers and reconditioning and selling inventory expeditiously and efficiently; (9) availability of credit for vehicle financing and the affordability of interest rates; (10) increasing Cazoo\u2019s service offerings and price optimization; (11) effectively promoting Cazoo\u2019s brand and increasing brand awareness; (12) expanding Cazoo\u2019s product offerings and introducing additional products and services; (13) enhancing future operating and financial results; (14) acquiring and integrating other companies; (15) acquiring and protecting intellectual property; (16) attracting, training and retaining key personnel; (17) complying with laws and regulations applicable to Cazoo\u2019s business; (18) successfully deploying the proceeds from the Business Combination and the issuance of $630 million of convertible notes to an investor group led by Viking Global Investors; and (19) other risks and uncertainties set forth in the sections entitled \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d in the Reports on Form 6-K filed with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) by Cazoo Group Ltd on June 9, 2022 and September 8, 2022 and in subsequent filings with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the disclosure included in other documents filed by Cazoo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cazoo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Cazoo gives no assurance that it will achieve its expectations.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20221027005157r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20221027005157\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20221027005157\/en\/<\/a><\/span><\/p>\n<p><b>Investor Relations:<br \/>\n<\/b><br \/>Cazoo: Robert Berg, Director of Investor Relations and Corporate Finance, <a rel=\"nofollow\" href=\"mailto:investors@cazoo.co.uk\">investors@cazoo.co.uk<br \/>\n<\/a><br \/>ICR: <a rel=\"nofollow\" href=\"mailto:cazoo@icrinc.com\">cazoo@icrinc.com<br \/>\n<\/a><\/p>\n<p><b>Media:<br \/>\n<\/b><br \/>Cazoo: Lawrence Hall, Group Communications Director, <a rel=\"nofollow\" href=\"mailto:lawrence.hall@cazoo.co.uk\">lawrence.hall@cazoo.co.uk<br \/>\n<\/a><br \/>Brunswick: Chris Blundell\/Simone Selzer +44 20 7404 5959 \/ <a rel=\"nofollow\" href=\"mailto:cazoo@brunswickgroup.com\">cazoo@brunswickgroup.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Europe United States United Kingdom North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Technology Aftermarket Automotive Finance General Automotive Other Technology Professional Services Internet Retail Online Retail<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Photo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20221027005157\/en\/1615356\/3\/Cazoo_Single_Car_Transporter_Line_Up.jpg\" alt=\"Photo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\">Line-up of Cazoo single car transporters (Photo: Business Wire)<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Cazoo Announces Third Quarter 2022 Financial Results UK revenues and retail unit sales up 100% YoY with significant further progress on UK Retail GPU Record UK revenues of \u00a3347m in Q3, up 103% YoY driven by very strong UK retail sales growth Record UK Retail unit sales at 18,889, up 100% YoY as the consumer shift to online accelerates UK Retail GPU of \u00a3488, up by a further \u00a3179 versus Q2, with efficiencies made across the board EU strategic review complete with withdrawal underway and expected to complete by year end Balance sheet remains strong with \u00a3308m of cash and &gt;\u00a3150m of self-funded inventory on hand Continued progress towards reaching profitability without the need for further external funding LONDON &amp; &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cazoo-announces-third-quarter-2022-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cazoo Announces Third Quarter 2022 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-701571","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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