Macclesfield-based car financer reports mixed yearly results

Zuto, the car finance fintech company which has its headquarters in Macclesfield has posted mixed yearly results.

They have reported record sales growth but pre-tax profits have shrunk in the year to June 30, 2022.

The group, which has offices on Lyme Green Business Park, achieved a 49% boost to turnover of £41.5m, but the pre-tax profits dropped from £5.6 million in 2021 to £4.9 million last year. The huge jump in turnover was a by-product of the burgeoning market which it said increased overall customer volumes.

CEO, James Wilkinson, said: "Our financial success is underpinned by a focus on people and a wider purpose, exemplified by our B Corp certification in April 2022.

"In addition to maintaining a relentless growth mindset, the team has prioritised the wellbeing of our employees – who we call Zutonites, the development of the customer experience, and nurturing close and long-standing relationships with partners and lenders."

The company said it has continued investment into its platform, providing personalisation and developing real-time rates and pre-approval processes.

It also said that the business continues to invest in its platform with an ongoing focus on utilising data to provide personalised offerings, returning real-time rates and pre-approvals for customers at scale.

The company also said it is well placed for the FCA-mandated Consumer Duty which will be coming into force in July 2023.

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