The Very Group has revealed its full year financial results for the period ending June 2024, showing a notable rise in profit against a backdrop of steady revenue.
- Earnings before interest, taxes, depreciation, and amortisation increased by 8.4% to £267.6 million.
- Very UK’s revenue saw a modest increase of 0.7%, while overall group revenue declined by 1%.
- Despite challenges, some product categories experienced growth, such as casual womenswear and premium fashion.
- Cost management helped elevate operating profit by 17.1%, reaching its highest level since 2019.
The Very Group, which operates digital retailers, announced its financial results for the fiscal year ending 29 June 2024, revealing a complex financial landscape. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) saw a significant rise of 8.4%, reaching £267.6 million, compared to £246.9 million in the previous year. This indicates strong internal financial management and operational efficiency.
Very UK’s revenue exhibited a slight increase of 0.7%, totalling £1.84 billion, although the group’s total revenue fell by 1% to £2.13 billion. These figures hint at a competitive retail environment impacting overall sales. Notably, Very Finance achieved a 3.1% revenue growth, amounting to £435 million.
In a market described as both challenging and contracting, certain product categories managed to perform well. The casual womenswear segment grew by 3% and watches saw an increase of 3.6%, while premium fashion soared by 15.5%. This growth in specific areas highlights strategic resilience in diversifying product offerings.
The group’s focus on resilient top-line performance and meticulous cost management led to an increase in pre-exceptional operating profit by 17.1% to £218.3 million. This marks the highest profit level since 2019. Despite inflationary pressures, operating costs as a percentage of revenue have reached a historic low of 23.2%.
CEO Robbie Feather commented on the results, noting the company’s performance remained ahead of the broader UK online non-food market. Feather emphasised a strong performance by Very Finance as a key contributor to these outcomes. Earlier this year, the group had announced a significant investment and appointed former Asos CEO, Nick Beighton, as a non-executive director.
The Very Group’s financial performance showcases resilience and strategic management amidst a challenging retail landscape.
