Very Group announces resilient results amidst challenging retail conditions.
- Total group revenue showed a slight decline, yet pre-exceptional operating profit increased significantly.
- Very UK achieved marginal revenue growth, while Very Finance saw a notable rise.
- Investments in technology, including AI and cloud systems, enhanced operations and customer satisfaction.
- Improvements in customer feedback and data analytics led to record net promoter scores.
In a period marked by a challenging retail environment, the Very Group has managed to report resilient financial results. Despite a 1% decrease in total group revenue, amounting to £2.13 billion, the group’s pre-exceptional operating profit increased by 17.1% to reach £218.3 million, the highest recorded since the fiscal year 2019.
Very UK showed slight growth in revenue, reaching £1.84 billion up from £1.82 billion in the previous year, while Very Finance experienced a 3.1% rise to £435.0 million. Robbie Feather, CEO, remarked, “Our unique business model, combining multicategory digital retail with flexible ways to pay, is more relevant than ever for our customers.“
The company’s strategic investments in technology played a significant role in maintaining its performance. This included the transition to a cloud-based system, featuring the Skyscape ecommerce platform, and an AI-powered product discovery feature for its website and app. Additionally, a new app was introduced for Very Ireland, further supporting its technological advancement.
Real-time customer feedback and data-driven insights contributed to the company’s record-breaking customer satisfaction scores in FY24. The net promoter score increased by 4 points, reaching 40, which reflects an enhanced customer experience. During this period, the group managed to process 31.9 million items, with the fastest order dispatched in just 16 minutes.
Very Group’s adaptability and strategic focus have facilitated its robust performance despite market challenges.
