Ajax I (AJAX) Reports Q1 Revenues of GBP113.9M

Ajax I (NYSE: AJAX) reported Q1 revenue for the quarter came in at GBP113.9 million, versus GBP19.6 million reported last year.

Q1 Financial highlights

• Revenue increased 481% to £113.9 million driven by significant retail order growth in the UK
• Vehicles sold up 373% to 9,762 in Q1 as the Company continued its rapid growth trajectory
• Retail GPU up to £143 through improved buying mix, stock turn & higher finance attachment
• Gross profit positive at £3.7 million & margin improved to 3.3% due to operational efficiencies
• Cash position remained strong with £117.6 million of cash on hand at the end of March 2021
• 25,000th retail vehicle sold in May and on track to achieve FY21 revenues approaching $1bn

Alex Chesterman OBE, Founder & CEO of Cazoo, commented, “In Q1 we continued our rapid growth trajectory, delivering record revenue growth of almost 500% YoY, demonstrating the strength of our market-leading brand and fully-integrated platform in the UK, which we intend to replicate across Europe. Since the end of the period our growth has continued to accelerate, with the sale of our 25,000th retail vehicle this month. We continue to see improvements to GPU and remain on track to achieve revenues approaching $1 billion in 2021.”

“Our recent acquisitions will enable us to bring our UK vehicle reconditioning entirely in-house by the end of H1 and to launch the full Cazoo proposition in France and Germany by the end of the year and we are hugely excited by the growth opportunities that lie ahead. We are just at the start of our mission to transform the car buying experience across the UK and Europe and our business combination with AJAX will provide us with the capital to continue to pioneer the shift to online car buying.”

Dan Och, Founder of AJAX, said, “We are delighted with Cazoo’s continued pace and progress, proving the power of the strong brand and integrated proposition they have built. The extraordinary growth this quarter further reinforces our confidence in the tremendous opportunities for the business as it continues to drive for digital share in the $700 billion European market, which we believe will create compelling shareholder value.”

For earnings history and earnings-related data on Ajax I (AJAX) click here.

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