Motors.co.uk, the owner of Cazoo, has reported its first pre-tax profit since 2019, following the rescue of the collapsed brand last year.
The company posted a pre-tax profit of £621,000 for 2024, a significant turnaround from the loss of £9.3m it suffered in the previous 12 months, as reported by .
This marks the first time the business has recorded a profit since achieving £3.7m in 2019.
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Newly filed accounts at Companies House reveal that the firm's turnover soared over the year, rising from £20.1m to £49.9m.
Gumtree-owned Motors.co.uk acquired the Cazoo brand for £5m in June 2024.
A statement approved by the board read: "In 2024, revenue increased year 147 per cent primarily due to the full year impact from the novation of dealers which was in Q4 2023 from Gumtree to the company to align revenue recognition to the operating business.
"2024 results reflect the full year impact for all dealers advertising on Motors.co.uk and affiliated platforms to be recognised in the company."
Cazoo owner’s major plans for brand
Following these results, Motors.co.uk's CEO Barry Judge spoke exclusively to City AM about his company's decision to save the Cazoo brand last year.
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Judge suggested that Cazoo could potentially double in size over the next few years and become the undisputed number two to FTSE 100 giant Auto Trader.
He further stated that the company is focused on regaining the trust of the public and car dealers after its highly publicised downfall.
The CEO elaborated on how Cazoo's business model differs from its previous version and the implications of artificial intelligence (AI) for the company.
Established in 2018 by Alex Chesterman, Cazoo was once valued at approximately $8bn following its listing on the New York Stock Exchange.
However, the firm entered administration in May 2024 after accumulating debts exceeding £260m.