The Very Group has reported record full-year revenues as a result of new customer acquisition and an uplift in sales. Retail product sales increased by 24 per cent to £1.535bn for the year ended 3 July 2021. This boosted group revenues by 13 per cent to a record £2.32bn. The business says that during the year there was a 12.4 per cent increase in Very customers to 3.8 million and group customers reached 4.8 million, a 7.6 per cent rise.
Group profit before tax came in at £81.7m which was up by 68.8 per cent on the prior year, which reflected increased retail sales and improved cost management.
Henry Birch, chief executive at The Very Group, said: “I am pleased to report outstanding group performance, including record revenue, continued profit growth and strong cashflow generation. Whether working remotely, educating and entertaining the kids, updating their homes or simply wanting to look and feel good, we’ve given millions of families the items they need via an extensive range of flexible payment products. I am most proud, however, of our colleagues. Through their dedication, adaptability and ingenuity, they consistently delivered for our customers while adjusting to new ways of working, with many facing personal tests.”
He added: “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. 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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