The Very Group has released its annual results for the financial year ending 29 June 2024, highlighting a mixture of financial performances across its operations.
- The Group’s EBITDA rose by 8.4% to £267.6m, yet overall revenue decreased by 1%.
- A slight revenue increase in Very UK was recorded, while Very Finance experienced a notable 3.1% growth.
- The fashion and sports category faced a decline of 5.5%, though certain sub-segments showed positive trends.
- The Group’s pre-exceptional operating profit saw a substantial rise of 17.1%.
The Very Group has reported a rise in its earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 8.4%, totalling £267.6 million for the fiscal year concluding on 29 June 2024. However, the overall group revenue experienced a minor decline of 1%, settling at £2.13 billion.
Very UK’s revenue showed a marginal increase of 0.7%, reaching £1.84 billion, while the Very Finance sector posted a more impressive growth of 3.1%, bringing in £435.0 million. Despite these gains, the fashion and sports categories underperformed, collectively declining by 5.5% amid a generally tough market. Conversely, certain niche categories defied this downturn, with casual womenswear growing by 3%, watches by 3.6%, and premium fashion exhibiting a robust increase of 15.5%.
The organisation noted that its resilient top line alongside careful cost management contributed to a 17.1% increase in pre-exceptional operating profit, amounting to £218.3 million. This marks the highest level achieved since the fiscal year 2019, with operating costs as a percentage of revenue hitting a record low of 23.2%, effectively mitigating inflationary pressures.
Robbie Feather, CEO of The Very Group, commented that in a challenging environment, the results demonstrate a resilient retail performance that surpassed the UK online non-food market, alongside a consistently strong performance from Very Finance. Earlier in the year, the Group announced a strategic investment of £125 million, even as it reported a pre-tax loss of £2 million for the six months ending 30 December. Additionally, the company expanded its leadership team by appointing former Asos boss Nick Beighton as a non-executive director in September.
The Very Group’s latest financial results reflect a complex landscape of growth and challenges, underscored by strategic management and sector resilience.
