Very Group revenue tops £2bn for first time
The Very Group has announced a return to profit as group revenue rose by 2.9% in the full-year to top £2bn for the first time in its history.
The group reported a pre-tax profit of £48m and underlying EBITDA of £264m, both of which included coronavirus-related costs.
Very.co.uk retail sales increased by 10.5% to £1.23bn in the full-year of trading while very.co.uk revenue rose by 6.8% to £1.59bn.
In the same period, Very.co.uk customers grew by 14.1% to 3.40m, up from 2.98m the year before, driving growth in group customers of 10.6% to 4.48m. In addition, website visits increased by 28.8% across all channels.
Meanwhile, Littlewoods saw managed decline slow in the period, down by 8.8% to £460.9m against the 11.3% decline reported last year.
The Very Group finished the year in “strong financial health”, with a cash balance of over £200m, and net debt down by £144m.
Looking ahead, the group has seen a “strong” start to the 2021 financial year, with group retail sales in double-digit growth.
Henry Birch, CEO at The Very Group, said: “I am delighted to announce a strong set of results and a return to profitability in FY20 thanks to the combination of the commitment of our people and our flexible and resilient business model.
“Despite the unprecedented challenges of the pandemic, the business has proven its adaptability yet again. We delivered for record levels of new customers, who used the Very app for items to entertain their families and improve their homes, and increasingly valued our flexible ways to spread the cost.”
He added: “We migrated to, tested and launched Skygate, our new automated fulfilment centre, which enables us to process customer orders within 30 minutes, whilst materially reducing costs and is all set to support our Q2 peak trading period.
“The economic landscape will remain unpredictable. However, we believe our flexible and resilient business model, which gives customers access to the brands they love via flexible ways to pay, will help us thrive as customers continue to rely on online shopping.”
