The Very Group returns to profit
The Very Group has returned to profit after its revenue exceeded £2 billion for the first time.
In the year to 30 June, the owner of Very.co.uk and Littlewoods.com, saw its revenue climb by 2.9% to £2.051 billion. The group benefited from a strong performance at Very where retail sales increased by 10.5%.
The results have helped the group to post a pre-tax profit of £48 million and an underlying EBITDA of £264 million despite Covid-19 related costs.
Henry Birch, chief executive of 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.”
During the period, Very.co.uk grew its number of customers by 14.1% to 3.4 million. In addition, the group’s total number of customers has now reached 4.5 million.
Looking ahead, Birch added: “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. Our purpose, ‘to make good things easily accessible to more people’, has never been more relevant.”
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