Brief: Cazoo Group Will Need To Raise Additional Capital Before Second Half Of 2024 To Satisfy Liquidity Needs Going Forward

Cazoo

18/12/2023 22:14

Dec 18 (Reuters) - Cazoo Group Ltd  CZOO.N :
    * CAZOO GROUP LTD - WILL NEED TO RAISE ADDITIONAL CAPITAL
BEFORE
BEGINNING OF SECOND HALF OF 2024 IN ORDER TO SATISFY OUR
LIQUIDITY NEEDS GOING FORWARD
    * CAZOO GROUP LTD - EXPECT TO HAVE CASH AND CASH EQUIVALENTS
IN
RANGE OF £100 MILLION TO £115 MILLION ON DECEMBER 31, 2023
    * CAZOO GROUP LTD - HAVE LIMITED LIQUIDITY
    * CAZOO GROUP LTD: FROM 2024 CASH UTILIZATION WILL REDUCE TO
£25
MILLION TO £35 MILLION PER QUARTER
    * CAZOO GROUP LTD - CURRENTLY UTILIZE BETWEEN £30 MILLION
AND £40
MILLION OF CASH EACH QUARTER IN OPERATIONS OF OUR BUSINESS
    * CAZOO GROUP LTD - EXPECT TO CONTINUE TO BE IMPACTED BY
CHALLENGING UK AND GLOBAL MACROECONOMIC ENVIRONMENT
    * CAZOO GROUP: MAY NOT HAVE HAD SUFFICIENT CASH,LIQUID
ASSETS AT
JUNE 30, TO COVER OPERATING & CAPITAL REQUIREMENTS FOR PERIOD
THROUGH TO AUG 31, 2024
    * CAZOO GROUP LTD: STILL ANTICIPATE REQUIRING ADDITIONAL
OUTSIDE
CAPITAL TO SATISFY OUR LIQUIDITY NEEDS DURING COURSE OF 2024
    * CAZOO GROUP: TOUGH UK, GLOBAL MACROECONOMIC ENVIRONMENT
COULD
IMPACT ABILITY TO SUSTAIN REVENUE GROWTH CONSISTENT WITH PAST/AT
ALL, OVER NEXT 12 MONTHS
    * CAZOO GROUP - WILL REQUIRE ADDITIONAL CAPITAL IN MEDIUM-
AND
LONG-TERM TO PURSUE BUSINESS OBJECTIVES AND TO CAPITALIZE ON
BUSINESS OPPORTUNITIES
    * CAZOO GROUP LTD - CURRENT STRATEGY IS TO FOCUS ON UK
MARKET ONLY
AND TO PURSUE IMPROVED UNIT ECONOMICS

Further company coverage:  CZOO.N 

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