NEWS

The Very Group reports record revenue

Published on: 21st October 2021

The Very Group says the impressive results, which include continued profit growth, were driven both by sales and by new customer acquisition.

The Very Group has announced its full year results for the year ended 3rd July 2021. Retail sales were up 24.9% to £1,535.6m, driving 13% group revenue growth to a record £2,317.1m. The group also reported that Very customers increased 12.4% to 3.82m, boosting group customers by 7.6% to 4.82m. Group profit before tax was £81.7m, up 68.8% on the prior year, reflecting increased Very retail sales and improved cost management. The group finished the year in strong financial health, with underlying operating cash flow of £245m.

CEO Henry Birch commented: “I am pleased to report outstanding Group performance, including record revenue, continued profit growth and strong cashflow generation.”

The group credited its performance in large part to significant customer experience improvements, including the introduction of AI-powered chatbot, Very Assistant, which now handles 268,000 queries monthly after being added to the Very website. Other customer service improvements included extending order cut off for next day delivery from 7pm to the industry-leading time of 10pm. App sales were up 45% year-on-year boosted by a more personalised, intuitive app experience.

The CEO also paid tribute to the group’s colleagues, adding: “Through their dedication, adaptability and ingenuity, they consistently delivered for our customers while adjusting to new ways of working, with many facing personal tests.”

The Very Group has strengthened its executive team with the appointment of former BBC technology director Matt Grest as chief information officer and is soon to welcome Robbie Feather, former CEO of Fenwick, to the business as retail managing director.

Henry Birch added: “The current environment is not without challenge, but our pandemic experience has shown us that our multi-category offer, combining leading brands with our Very Pay platform, is relevant to an increasingly wide number of customers. We are in good shape to face any future uncertainty, and remain confident that we are well positioned to take advantage of a market and customer behaviour that is moving towards our model.”

The Very Group operates online retail brands Very.co.uk, Littlewoods.com and LittlewoodsIreland.ie.

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