The Very Group has reported an increase in profits despite facing a challenging market environment.
- The company’s EBITDA rose by 8.4% to £267.6 million, driven by careful cost control measures.
- Operating costs were reduced to 23.2% of revenue, marking a historic low for the company.
- UK sales saw a slight increase, although overall sales dipped by 1% to £2.13 billion.
- The group continues to innovate with new platforms and marketing strategies, including a new app for Ireland.
The Very Group demonstrated financial resilience in a challenging market, successfully increasing profits while managing costs effectively. Despite a slight decline in overall sales, the company’s efforts to streamline operations have resulted in an 8.4% increase in EBITDA, reaching £267.6 million.
A key factor in this growth was the reduction of operating costs to 23.2% of revenue, the lowest in the company’s history. This strategic cost management has allowed The Very Group to maintain competitive positioning within the market.
While overall sales declined by 1% to £2.13 billion, UK sales experienced a modest increase of 0.7%. This performance is indicative of the company’s focus on maintaining its market presence amidst broader economic pressures.
Innovation remains a priority for The Very Group, as evidenced by its ongoing re-platforming efforts. The introduction of a new cloud-based platform, Skyscape, aims to enhance operational efficiency and customer experience.
Furthering its market reach, the company launched a new mobile application for its customers in Ireland, along with a refreshing brand marketing campaign. These initiatives reflect The Very Group’s commitment to adapting to market demands and enhancing customer engagement.
CEO Robbie Feather remarked on the company’s performance, highlighting the strong retail and finance results. Feather stated, “This top line resilience coupled with our continual focus on strong cost management, has driven robust earnings growth in the year.”
The Very Group’s strategic management and innovation efforts have successfully bolstered its financial performance in a competitive market.
