SHARES in struggling used-car retailer
Losses improved by nearly 37 per cent year on year in the six months to June, narrowing from £241m to £151m - but this was not enough to stop shares tumbling over 12 per cent.
The
Shares fell a staggering 95 per cent in 2022, with the company forced to lay off hundreds of staff and pull out of its EU operations under the weight of mounting costs and a dry-up in consumer spending.
This ultimately prompted the resignation of founder and former CEO
Since then,
Whitehead yesterday said he was "pleased with the decisive and meaningful progress we have made to improve unit economics, optimise our fixed cost base and maximise our cash runway in the first six months of 2023. The results show tangible progress across all areas of the business".
Revenues, however, were still down 28 per cent to £419m, with vehicle sales also down 29 per cent, indicating that demand problems for the online car retailer remain a hurdle.
(c) 2023 City A.M., source