Cinch cuts 2024 losses
06 January 2025
Used car retailer Cinch saw its pre-tax loss decline from £176m to £118m in the year ended March 2024. Revenue fall from £1bn to £932m.
During the year, it listed an average of 7,670 cars for sale, down from 8,801 in the previous year. The directors said Q3 had been impacted by “rapidly falling” used car prices. “The ongoing war in Ukraine, continuing high energy and fuel prices, persistent high inflation and interest rates have continued to adversely impact consumer confidence.
“The group will continue to invest in promotional activities to grow brand consideration… focus on efficient buying of vehicles to increase unit economics and invest in data to drive insight-led commercial decision making.”
The directors added the group will explore opportunities for growth “through new marketplaces and strategic investments and acquisitions”.
In October, Cinch owner Constellation Automotive slashed its pre-tax loss from £135m to £74m. Revenue fell from £9.7bn to £9.3bn.
In December, sales at Webuyanycar fell by almost £1bn, with revenue falling from £3.5bn to £2.6bn. Pre-tax profit fell from £85m to £48.3m.
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