Cazoo(US:CZOO)2023-04-26 16:00Financial Performance - Revenue for Q1 2023 was £247 million, a decrease of 11% compared to £279 million in Q1 2022[6] - Gross profit reached £14 million, with a gross margin of 5.8%, up from 1.1% in Q1 2022[6] - Retail Gross Profit per Unit (GPU) improved significantly to £980, a 690% increase compared to £124 in Q1 2022[6] - Cash and cash equivalents decreased by 58% to £215 million from £525 million year-over-year[6] Sales Metrics - Vehicles sold totaled 17,447, down 7% from 18,679 in the same period last year[6] - Retail units sold increased by 4% year-over-year to 13,314, supported by strong momentum and inventory levels[10] - Ancillary revenue per retail unit sold rose by 10% year-over-year to £708, reflecting improvements in the company's offerings[10] - The finance attachment rate increased to 52.5%, up from 51.5% in Q4 2022[10] Operational Changes - The company incurred approximately £13 million in one-off costs related to rightsizing headcount and operational footprint as part of the Revised 2023 Plan[10] - Self-financed inventory was approximately £60 million as of March 31, 2023, down from approximately £75 million at the end of 2022[10]