The owner of Cazoo has made its first pre-tax profit since 2019 after recusing the collapsed brand last year, it has been confirmed.
Motors.co.uk has posted a pre-tax profit of £621,000 for 2024, up from the loss of £9.3m it made in the prior 12 months.
It is the first time the business has posted a profit since the £3.7m it achieved in 2019.
New accounts filed with Companies House also show the firm’s turnover surged in the year from £20.1m to £49.9m.
Motors.co.uk, which is owned by Gumtree, acquired the Cazoo brand for £5m in June 2024.
A statement signed off by the board said: “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
The results come after Motors.co.uk’s CEO Barry Judge spoke exclusively to City AM about why his company rescued the Cazoo brand last year.
In the interview, Judge said Cazoo could double in size over the next couple of years and become the undisputed number two to FTSE 100 giant Auto Trader.
He added that the company is working on winning back the trust of the public and car dealers after its very public fall from grace.
The CEO also opened up about how Cazoo’s business model is different to its previous incarnation and what the use of artificial intelligence (AI) means for the business.
Cazoo was founded in 2018 by Alex Chesterman and was once worth around $8bn after its listing on the New York Stock Exchange.
But the company collapsed into administration in May 2024 after racking up debts of more than £260m