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Very Group reports record revenues of £1.87bn

The retailer has undergone ‘significant customer experience improvements’ including extending order cut-off, tech and data investment and improved colleague experience

The Very Group has revealed its saw sales surge 24.9% for the 52-week period ending 30 June 2021, driving revenues up 18.2% to £1.87b.

Very customers increased 12.4% to 3.82 million, “boosting” group customers by 7.6% to 4.82 million.

The retailer also reported profits before tax of £81.7m, up 68.8% on the previous year, which reflects the firm’s increased retail sales and “improved” cost management.

According to Very, group gross margin remained steady at 36.5% for 2020, finishing the year in “strong financial health”.

The retailer said it has undergone “significant customer experience improvements” including extending order cut-off, tech and data investment and improved colleague experience, with sales growth across all Very categories.

Henry Birch, CEO at The Very Group, said: “I am pleased to report outstanding Group performance, including record revenue, continued profit growth and strong cash flow generation.

“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.”

He added: “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.”

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