Annual turnover falls at online retailer Very Group
Liverpool-based online retailer, Very Group, has seen annual revenues fall, it reported today.
While Very UK revenue in the year to June 29, 2024, rose 0.7% to £1.84bn, group revenue declined one per cent to £2.13bn.
Top line performance includes strong Very Finance revenue growth of 3.1% to £435m.
Resilient top line and careful cost management saw pre-exceptional operating profit grow 17.1% to £218.3m, its highest level since FY19, with operating costs as a percentage of revenue reaching the lowest the group has ever achieved at 23.2%, despite inflationary pressures.
EBITDA grew 8.4% to £267.6m.
Very has not published its pre-tax profit/loss figures. In 2023 they plummeted to £4.6m from £63.9m in 2022.
Bad debt as a percentage of the group’s average debtor book fell 1.1% pts year-on-year reflecting continued high quality credit risk management, it said.
Robbie Feather, CEO, said: “Our unique business model, combining multicategory digital retail with flexible ways to pay, is more relevant than ever for our customers.
“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. Our results are thanks to the inherent strength of our business model and our loyal and growing customer base. This is underpinned by the tireless work of our people and the benefits of our customer focused investment.”
He added: “We are relentlessly focused on our customers’ needs and are adept at continuous transformation to make sure we meet and beat their expectations.
“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,”
Very reportedly made a bid, earlier this year, to buy Manchester-based online retailer, N Brown Group, which has opted to recommend an offer from current shareholder, Joshua Alliance.
