The Very Group showcases resilience in a challenging retail environment, revealing its annual results amidst a tough economic landscape.
- Total group revenue experienced a slight decline, yet strategic cost management led to a significant boost in operating profit.
- Very UK’s revenue observed an uptick, further bolstered by an increase in Very Finance revenue.
- Technological investments and innovations were key to enhancing customer satisfaction and operational efficiency.
- The company’s adaptable business model and loyal customer base continue to underpin its robust performance.
Despite a marginal 1% decrease in total group revenue, The Very Group adeptly navigated the complexities of the retail sector to achieve a 17.1% increase in pre-exceptional operating profit, raising it to £218.3 million, the highest since fiscal year 2019. This increase is largely attributed to stringent cost management strategies that offset revenue dips.
While group revenue slightly dipped, Very UK exhibited a positive trajectory with a revenue increase to £1.84 billion from the previous fiscal year’s £1.82 billion. Concurrently, Very Finance saw its revenue rise by 3.1%, reaching £435 million compared to the prior figure of £422.1 million.
According to CEO Robbie Feather, “Our unique business model, combining multicategory digital retail with flexible ways to pay, is more relevant than ever for our customers.” Feather further emphasized that their performance surpassed the UK online non-food market benchmarks, driven by their model’s built-in resilience and their dedication to customer-oriented investments.
The Very Group’s advancements in technology were significant, encompassing a shift towards a cloud-based system and ongoing upgrades like the Skyscape ecommerce platform and AI-driven product discovery tools on their platforms. These efforts not only enhanced the user experience but also achieved a record-breaking customer satisfaction score for fiscal year 2024.
Enhancing customer experience through data insights has been pivotal for The Very Group, resulting in the highest net promoter score of 40, marking an increase of four points from the previous year. The company’s operational efficiency was also spotlighted by processing 31.9 million items and achieving a record dispatch time of just 16 minutes from order to readiness.
The Very Group’s strategic adaptability and commitment to technological investment have cemented its position as a resilient leader in the UK ecommerce sector.
