The Very Group has reported its financial results for the full year ended 29 June 2024, revealing insights into its performance.
- The company’s EBITDA increased by 8.4% to £267.6m, despite a slight decline in overall group revenue.
- Very UK’s revenue saw a marginal increase of 0.7%, while the group’s total revenue fell by 1%.
- Challenging market conditions affected some categories, although casual womenswear and premium fashion showed growth.
- CEO Robbie Feather highlighted the group’s resilient performance in a challenging retail environment.
The Very Group, which operates the digital retailers Very and Littlewoods, has announced its financial results for the year ending 29 June 2024. The group has reported an 8.4% increase in earnings before interest, taxes, depreciation and amortisation (EBITDA), reaching £267.6 million compared to £246.9 million in the previous fiscal year. However, the group’s overall revenue saw a slight decline of 1%, amounting to £2.13 billion.
The revenue changes were varied across different segments. While Very UK’s revenue edged up by 0.7%, totalling £1.84 billion, the performance of Very Finance was more robust, with a revenue increase of 3.1% to £435 million. These figures highlight a mixed performance across the group’s divisions, reflecting both challenges and areas of growth within the organisation.
A notable decrease was observed in the fashion and sports category, which fell by 5.5% amidst a challenging market environment. Yet, certain segments bucked this trend; casual womenswear experienced a 3% increase, watches grew by 3.6%, and premium fashion reported a significant rise of 15.5%. The growth in these categories indicates resilience and a shift in consumer preferences even as overall market conditions remain tight.
The Very Group’s operating profit before exceptional items grew by an impressive 17.1% to £218.3 million, its highest since the fiscal year 2019. This improvement was achieved through effective cost management, resulting in operating costs as a percentage of revenue dropping to the lowest level in the group’s history at 23.2%, despite the continuing inflationary pressures.
Robbie Feather, CEO of The Very Group, stated that the results demonstrate a “resilient retail performance that remained ahead of the UK online non-food market.” The group’s performance has been bolstered by a solid contribution from Very Finance and strategic measures undertaken earlier in the year, including a substantial £125 million investment announced in February, and the appointment of former Asos CEO Nick Beighton as a non-executive director in September.
The Very Group demonstrates resilience in a challenging market with strategic growth and effective cost management.
