Customer focus and diligent cost control delivers record earnings growth at The Very Group

The Very Group (‘the Group’), which operates digital retailers Very and Littlewoods, today announces its full year results for the 52 weeks ended 28 June 2025.

Robbie Feather, CEO at The Very Group, commented:

“FY25 was a year of real progress for Very. As a multicategory digital retailer and flexible payments provider, we have a unique business model which continues to resonate with the families we serve. Our customers are at the heart of everything we do and this focus, combined with the passion of our colleagues, has helped us achieve our best-ever customer satisfaction score.

“Despite a challenging economic backdrop, we're delighted with our performance, driven by our unrelenting focus on improving all aspects of our offer and customer experience. We ensured we had the right products at the right time, at the right prices, and with the right payment options. Together with disciplined cost control we were able to deliver significant earnings growth across the year. 

“We also made strong progress against our strategic priorities, completing key milestones in our technology transformation and upgrades to our apps and websites, relaunching Very’s retail media proposition, and launching HelloStudio, our in-house creative agency. 

“We look back at FY25 with pride, and I am confident that we have the right team, strategy and foundations in place to drive our future growth.”

Financial highlights

• Adjusted EBITDA increased 15.9% to £307.1m (FY24: £246.9m), with an adjusted EBITDA margin of 14.7% (FY24: 12.5%), the highest in the Group’s history.
• This was supported by a 1.0% increase in gross margin to 36.6% (FY24: 35.6%), driven by a strong FS performance and changes to the retail sales mix, notably through the increase in higher margin Home sales.
• Group revenue declined 1.8% to £2.09bn (FY24: £2.13bn), reflecting a continued focus on profitability in a challenging retail market. Very UK revenue was broadly stable, with a slight decline of 0.2% to £1.83bn (FY24: 1.84bn)
• Very Finance revenue decreased by 0.3% to £433.6m (FY23: £435.0m) due to a contracting debtor book, however interest income as a percentage of the debtor book increased 0.4%, generating an improved yield.
• Bad debt as a percentage of the Group’s average debtor book improved by 80 basis points year-on-year, demonstrating continued high-quality credit risk management.
• Operating costs excluding fair value adjustments, reduced by £36.4m, corresponding to a 0.9% decrease in operating costs as a percentage of revenue to 22.3% (FY24: 23.2%), reflecting cost-saving initiatives across the business. This is the lowest level of costs as a percentage of revenue the Group has ever achieved.
• Adjusted free cash inflow (pre-funding) improved by over £155m to £147.6m (FY24: £(7.6)m), supported by stronger EBITDA performance and favourable working capital movements.
• A non-cash accounting adjustment has been made through exceptional items in relation to historic intercompany balances totalling £524.8m, this has no impact on the Group’s financial strength or liquidity.
• During the year, the Group successfully refinanced its senior secured notes and revolving credit facility, establishing a stable capital structure in the medium term and positioning the business for continued strategic success.

Operational highlights

Very.co.uk category performance

• Home grew 9.9% year on year, reflecting strong demand for home accessories, textiles and bedroom furniture following category transformation.
• We also saw strong performances in Toys, up 4.3% and Beauty, increasing by 5.2%, following significant targeted investment in these categories.
• Fashion and Sports declined 3.7% in a heavily discounted and challenging market.
• Electricals declined 2.0%, annualising significant prior-year gaming product releases.
• Very continued to expand its brand portfolio, adding leading names such as New Balance, Decathlon and Sweaty Betty.

Utilising tech and customer data to improve the retail experience

• The Group continued to leverage technology and data to enhance the customer experience. It is now in the final stages of a multi-year technology investment plan, transitioning infrastructure to the cloud and upgrading the web platform.
• This transformation will support collaboration with leading technology partners to deliver a state-of-the-art retail experience for customers.  
• The launch of The Beauty Studio and The Beauty Inspiration Hub have transformed how customers browse and shop the Beauty category, allowing them to shop by trend, ingredient, or brand while engaging with educational and aspirational blog-style content.
• Personalised in-app offers and richer content across product pages improved customer engagement, contributing to the Group’s highest-ever net promoter score of 42 (+2 points year on year).

Harnessing creative capabilities to help families get more out of life 

• The Very Group relaunched its retail media network as Very Media Group, harnessing the Group’s deep consumer insight to help brand partners engage the Very audience more effectively and at scale.
• The Group also launched HelloStudio - a multi-channel creative service that leverages data-led creativity and insights to deliver content for both internal and external brands. HelloStudio uses emerging technologies, including AI-assisted design, to accelerate production and enhance creative storytelling.

Contact information

Investor enquiries

[email protected]

Media relations

Eilis Murphy (Brunswick)                                           020 7404 5959

Claire Newmarch (The Very Group)                    [email protected]