The Very Group hails “resilient” full year performance
The Very Group, the operator of online retailers Very UK and Littlewoods, has said it put in a resilient performance in the year to 29 June.
Group revenue fell by 1% to £2.13 billion in the period, although sales at Very UK edged up 0.7% to £1.84 billion. The top-line performance included strong Very Finance revenue growth of 3.1% to £435 million.
Group pre-exceptional operating profit increased by 17.1% to £218.3 million to mark the best result since pre-pandemic trading in FY19.
Meanwhile, EBITDA rose by 8.4% to £267.6 million.
Robbie Feather, chief executive at The Very Group, said: “In a challenging environment, our results reflect a resilient retail performance that remained ahead of the UK online non-food market, as well as a continued strong Very Finance performance.
“This top line resilience coupled with our continual focus on strong cost management, has driven robust earnings growth in the year.”
The group is continuing to harness technology and customer data to improve the retail experience. This has included the ongoing migration to a new user centric ecommerce platform and the roll out of AI-powered product discovery across the Very website and app.
During the period, it also launched a new app for the Very Ireland brand to make features such as biometric login and augmented reality shopping available to Irish customers.
Feather said: “We continue to invest in finding new ways to serve our customers, enhancing their shopping experience and giving them access to our wide range of products covering almost every area of life. This is then supported by the convenience and breadth of our flexible ways to pay.
“We can look back on our FY24 performance with pride and I am confident that we have a great platform on which to build further.”
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