Very Group hits record £2.3bn revenue amid IPO talk

Liverpool-based online retail and financial services group The Very Group reported on Tuesday that its revenue rose 13% to a record £2.317 billion in the year to July 3 and group profit before tax soared 68.8% to £81.7 million.

The Very Group, owned by the billionaire Barclay family, operates online retail brands Very.co.uk and Littlewoods.com.

On August 16, The Very Group responded to speculation regarding a potential initial public offering by saying: “The group continues to review its strategic options, including an initial public offering.

“No final decision has been made at this time. The group will further update the market as required.”

On Tuesday, The Very Group CEO Henry Birch 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.

“We’ve done this while moving our company forward operationally and strategically, from continuous digital customer experience improvements and developing our Very Pay platform to extending next day delivery cut off thanks to our highly automated fulfilment centre.

“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.

“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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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.