Online Retailer Thrives Amidst Crisis

  • Very Group forecasts return to profit in FY20 with annual revenues over £2bn
  • 65% increase in website visits drives 36% retail sales growth at Very.co.uk in Q4
  • Electrical and home categories see growth of 78% and 53% respectively
  • Full-year underlying EBITDA expected to be between £255m-£270m, delivering positive profit before tax
  • Strong group liquidity and cash position with year-end cash headroom over £200m
  • CEO Henry Birch credits tireless efforts of colleagues and adaptable business model for success during COVID-19

The Very Group has reported a significant increase in revenues and forecasted a return to profitability for the financial year ending June 30, 2021. The company’s website visits surged by 65%, leading to a 36% growth in retail sales at Very.co.uk in Q4, with electrical and home categories experiencing growth of 78% and 53% respectively. The group expects underlying EBITDA between £255m-£270m, ensuring a positive profit before tax. With strong liquidity and cash position, CEO Henry Birch credits the tireless efforts of colleagues and adaptable business model for their success during COVID-19 challenges.

Factuality Level: 10
Factuality Justification: The article provides accurate information about The Very Group’s financial performance, including website visits, retail sales growth, and CEO’s comments on the company’s resilience during COVID-19. It also includes relevant details about the company’s future plans and outlook.
Noise Level: 3
Noise Justification: The article provides relevant information about The Very Group’s financial performance and its ability to adapt during the pandemic, with quotes from the CEO that offer insight into the company’s strategy and outlook for the future. It does not contain any irrelevant or misleading information, and it stays on topic without diving into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: The Very Group’s financial performance impacts its own stock value and may affect related companies in the retail and finance sectors.
Financial Rating Justification: The article discusses the company’s financial performance, including revenue growth, EBITDA expectations, and cash position, which are relevant to investors and financial markets. It also mentions the impact of COVID-19 on consumer behavior and the company’s business model.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk