Carwow, a car retail platform sourced from franchised dealerships, recently announced the company has doubled their before tax losses, to around £15.856 million, follow their major expansions.
In its annual report and financial statements for the year ended December 31, 2018, which were filed with Companies House this week, the online marketplace for new and used cars said the results reflected its ‘significant investment’ in expanding its operations in Germany plus entering the Spanish market and establishing a subsidiary in France – currently inactive. The company’s pre-tax loss for 2017 was £7.855m.
Its turnover rose by 28 per cent to £19.551 million, which it said was ‘driven by increasing awareness and adoption of the Carwow platform by both dealers and consumers’.
UK revenue increased by 17 per cent to £16.9 million, and unique monthly visits to the UK Carwow website went up on average by 16 per cent to 2.2m.
In the strategic report, Carwow – which was launched in 2010 by James Hind and Alexandra Margolis, who were joined at the top by David Santoro the following year – stressed that it had ‘sufficient cash balances and access to finance to cover foreseeable needs, and seeks to mitigate liquidity risk through management of these’.
Read more here
Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.