Very profits rise as cost reductions offset falling sales

Very group reception

The Very Group has posted a rise in full-year profitability despite falling sales, as the etailer hailed the impact of “diligent cost management” in a “challenging market”.  

The etailer posted a 2.2% uptick in pre-tax profit to £63.9m in the 52 weeks to July 2. That total included exceptional items of £41.5m. 

Underlying group EBITDA slipped 3% to £291.4m compared to the previous year. 

Very said group revenue fell 7.3% to £2.1bn, while sales made through its core Very econmmerce business dropped 4% to £1.7bn. 

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