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The digital retail operator of Very and Littlewoods, The Very Group, has revealed that its FY22 revenue has surpassed pre-pandemic levels, with Very revenue up by 12.6% and group revenue up by 4.8% against FY20.
However, compared to its “best-ever” year in FY21, Very’s full-year revenue dipped by 4% to £1.79bn while the group’s revenue decreased 7.3% to £2.14bn.
Nonetheless, profit before tax increased 2.2% to £63.9m compared with the underlying EBITDA margin which improved by 0.6% to 13.6% in the last financial year.
According to the group, its top-line performance in the period was supported by “strong” Very Finance revenue growth of 10.7% to £397.9m.
Due to the retail group’s “diligent cost management”, its costs as a percentage of revenue also fell 1.6% to 23.2%.
Ben Fletcher, chief financial officer of The Very Group, said: “I am pleased to report another robust performance, driven by ongoing structural growth in the Very brand, our integrated business model and our amazing people. We also successfully managed costs, achieving a reduction relative to revenue despite inflationary pressures.
“While the rising cost of living and other economic conditions present challenges for all retailers, we’re confident in our resilient and adaptable business model which combines multicategory online retail with flexible ways to pay. We now turn our attention to delivering an amazing Christmas for the families we serve.”
