The Very Group revenue tops 2 billion pounds for first time

Annual revenue at The Very Group has passed 2 billion pounds for the first time and the company now expects to return to profit this year.

The online British retailer, which rebranded last year from Shop Direct, experienced a 65 percent increase in website visits and a 36 percent increase in retail sales at Very.co.uk in the final quarter of FY20, leading to full-year growth of over 10 percent.

New customers grew by over 100 percent in the fourth quarter, with strong growth across both cash (128 percent) and credit customers (80 percent).

The group now expects full-year underlying EBITDA to be in the range of 255 million to 270 million pounds.

‘Well positioned to continue strong trading’

“Thanks to the tireless efforts of our colleagues, we performed very strongly in Q4 despite the challenges of Covid-19,” Very Group CEO Henry Birch said in a statement.

“As in the financial crisis, our business model proved adaptable and resilient in the face of volatile conditions and changing consumer buying patterns. We experienced peak trading levels and recruited unprecedented levels of new customers as our online multi-category model supported by financial services came to the fore.”

The company also managed to open its new state-of-the-art fulfilment centre, called Skygate, on 23 March, which Birch said will “create game changing new benefits for our customers and our business”.

He continued: “Economic conditions will continue to be challenging, but we believe we are more relevant than ever for customers, who are increasingly buying online. We are well positioned to continue the strong trading into the new financial year and will continue to invest to ensure we are at the forefront of whatever the new normal may be.”

Photo credit: Very, Facebook