Very Group posts drop in FY revenue, but pre-tax profits up

The Very Group, which owns brands Very and Littlewoods, has reported a drop in revenue compared to its record period last year.

In the year to July 2, group revenue was down 7.3 percent to 2.15 million pounds, while Very revenue fell 4 percent to 1.79 million pounds.

However, compared to two years ago, group revenue was up 4.8 percent, while Very revenue was up 12.6 percent.

Very retail sales were down 7.7 percent compared to last year to 1.42 million pounds, but were up 15.3 percent from two years ago.

Fashion and sports categories recovered as customers returned to more normal shopping habits, with Very fashion sales up 6 percent year-on-year.

Very group reports profit uptick

Very Finance revenue grew 10.7 percent year-on-year to 397.9 million pounds, owing to a strengthening in the group’s debtor book, which was up 3.1 percent to 1.64 million pounds.

The group’s pre-tax profit increased 2.2 percent to 63.9 million pounds.

Chief financial officer Ben Fletcher said in a statement: “I am pleased to report another robust performance, driven by ongoing structural growth in the Very brand, our integrated business model - which continues to prove resilient as we adapt to changing customer behaviour - and, of course, our amazing people.

“We also successfully managed costs, achieving a reduction relative to revenue despite inflationary pressures.”