CEO Credits Investments in Digital Experience for Resilient Business Model

  • Very Group’s PBT drops 92% to £4.6m
  • Finance revenue up 6.1% to £422.1m
  • Revenue increases 1.9% to £1.82bn
  • Debtor book strengthens 3.6% to £1.71bn
  • CEO Lionel Desclée highlights investments in digital customer experience and cost management

The Very Group has reported a significant drop in profit before tax to £4.6m, down 92% from last year’s £63.9m due to increased funding costs. However, the company’s finance revenue grew by 6.1% to £422.1m and its overall revenue increased by 1.9% to £1.82bn. The debtor book also strengthened by 3.6% to £1.71bn. CEO Lionel Desclée attributes these results to investments in digital customer experience, cost management, and a strong multicategory online retail model. Despite challenging economic conditions, the company remains confident in its ability to serve customers in the UK and Ireland.

Factuality Level: 8
Factuality Justification: The article provides accurate information about the company’s financial performance, including specific numbers and percentages, and includes a statement from the CEO explaining the reasons behind the results.
Noise Level: 3
Noise Justification: The article provides relevant information about The Very Group’s financial performance, including profit before tax, adjusted EBITDA, revenue, and debtor book growth. It also includes the CEO’s perspective on the company’s adaptability and future plans. However, it lacks in-depth analysis or exploration of long-term trends or consequences of decisions.
Financial Relevance: Yes
Financial Markets Impacted: The Very Group’s profit before tax and adjusted EBITDA are impacted by increased finance costs and revenue growth.
Financial Rating Justification: The article discusses the company’s financial performance, including changes in profit, revenue, and debtor book, which are relevant to financial topics. It also mentions the impact of economic conditions on the company’s operations.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification:

Reported publicly: www.retailsector.co.uk