Cazoo has mentioned its plan to manage prices and enhance its margins on used automobile gross sales is “coming collectively” in its newest efficiency replace to the market.

The corporate can also be taking a look at a possible debt restructuring with a view to make sure a “extra sturdy capital construction going ahead”.

The enterprise mentioned it achieved its highest ever degree of retail gross revenue per unit (GPU) in April and expects this degree to exceed a mean of £1,200 by the tip of Q2.

Cazoo has now accomplished its exit from EU markets which it mentioned will permit it to focus extra carefully on its UK enterprise.

The enterprise has closed nearly all of its buyer centres and made lots of of employees redundant as a part of a raft of actions to restructure the corporate.

Used automobile preparations centres have been additionally closed within the restructure of its UK operations, which adopted the sale of its operations in Germany, Italy and Spain.

February additionally introduced the sale of its used automobile valuations enterprise Cazana, simply over 17 months after it was acquired for £25m.

Paul Whitehead, Cazoo chief government, mentioned: “We achieved our highest ever degree of retail GPU in April, forward of the file consequence delivered in March, giving us confidence in our skill to keep up sustainable margin enchancment by the rest of the yr and past.

“In Q2 2023, we count on Retail GPU to exceed £1,200, a big additional enhance on the file degree of £980 achieved in Q1 2023 (up 20+% QoQ) and up from £309 in Q2 2022 (up 280+% YoY).”

Whitehead mentioned Cazoo’s variable and glued prices are decreasing “in keeping with expectations”. The corporate’s money place on the finish of April was £215 million  of money and money equivalents (March 31, 2023: £215m) and roughly £50m of self-financed stock.

He added: “We reiterate our steerage for 2023 and stay absolutely targeted on bettering our unit economics, optimising our mounted price base and maximising our money runway.”

Cazoo founder Alex Chesterman mentioned he was “extremely happy with every part the group at Cazoo has achieved” in a monetary outcomes assertion in March this yr that exposed the net used automobile retailer’s £704m losses for 2022.