2 Cheap Cars Group has announced that it no longer expects to match the net profit after tax levels achieved in the 2024 financial year.
The company cited rapidly changing market conditions as the reason for this update.
While 2 Cheap Cars remains confident in its initiatives for the second half of the year, it acknowledged that the challenging economic environment will make it impossible to replicate the record-breaking performance of FY24.
The company noted that although the lower-value used car market has been resilient and overall sales volumes are stable, consumers are spending less, which has affected margins.
2 Cheap Cars Group said it is optimistic that declining interest rates will help ease customers' financial strain and support a recovery in demand in the second half of the year.
The company will provide a further trading update at its annual shareholder meeting on September 27.
See more
