Very Group profits jump 17% amid ‘careful cost management’

The Very Group has revealed that its pre-exceptional operating profit jumped 17.1% to £218.3m for the year ended 29 June 2024.

Furthermore, the group’s EBITDA rose 8.4% to £267.6m, up from £246.9m in the previous year.

Alongside this, Very UK revenue increased 0.7% to £1.84bn however its group revenue declined 1.0% to £2.13bn.

The company has put this financial performance down to a “resilient top line and careful cost management”.

Very noted that it had continued to deliver against strategic pillars, including in the ongoing replatforming to Very’s cloud-based Skyscape platform.

It also introduced a new app for Very Ireland customers, and launched a new brand marketing campaign.

Robbie Feather, CEO at The Very Group, said: “Our unique business model, combining multicategory digital retail with flexible ways to pay, is more relevant than ever for our customers. In a challenging environment, our results reflect a resilient retail performance that remained ahead of the UK online non-food market, as well as a continued strong Very Finance performance.

“This top line resilience coupled with our continual focus on strong cost management, has driven robust earnings growth in the year. Our results are thanks to the inherent strength of our business model and our loyal and growing customer base. This is underpinned by the tireless work of our people and the benefits of our customer focused investment.”

He added: “We are relentlessly focused on our customers’ needs and are adept at continuous transformation to make sure we meet and beat their expectations. We continue to invest in finding new ways to serve our customers, enhancing their shopping experience and giving them access to our wide range of products covering almost every area of life. This is then supported by the convenience and breadth of our flexible ways to pay.

“We can look back on our FY24 performance with pride and I am confident that we have a great platform on which to build further.”