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The-Very-Group-FY20-Annual-Report.Pdf Facing the future with confidence ANNUAL REPORT AND GROUP FINANCIAL STATEMENTS 2019/2020 FY20 highlights Operating and Overview financial highlights With annual sales of over £2bn, The Very Group is Strategic report GROUP SALES ■ Despite the onset of Covid-19 the Group returned Operating and financial the UK’s largest integrated pureplay digital retailer to profit in the year, reporting profit before tax of Strategic report and financial services provider. Our digital multi- highlights 01 FY16 m £48.4m, an increase of £233.9m on the prior year Our business at a glance 02 category stores – Very.co.uk, Littlewoods.com and FY17 m (FY19 loss before tax: £(185.5)m). Included in this LittlewoodsIreland.ie – sell approximately 1,900 Group Chief Executive’s review 04 result are exceptional items of £42.6m (FY19: £310.2m) Responding to Covid-19 08 FY18 m famous brands and receive 1.9m website visits a Key performance indicators 12 ■ Group sales increased 2.9% to £2,050.7m (FY19: £1,993.4m) day, with 82% of online sales completed on mobile FY19 m Our business model 13 ■ Very.co.uk customers1 increased 14.1% to 3.40m, devices. Our strategy 14 FY20 £2,050.7m 2. with new customers up by over 100% in quarter 4, The sky’s the limit 18 boosting total Group customers1 by 10.6% to 4.48m With our multi-category range of famous brands, Financial review 20 ■ Very.co.uk sales increased 6.8% to £1,589.8m market-leading ecommerce and technology Section 172 Companies UNDERLYING EBITDA3 (FY19: £1,488.1m) – including retail sales growth of 36% capabilities, and unique financial services products Act 2006 26 Governance in the final quarter and leading to full year retail sales offering flexible ways to pay – we make good things Risk management and FY16 m easily accessible to more people. principal risks 28 growth of over 10% FY17 m Sustainability at The Very Group 30 ■ Littlewoods controlled rate of sales decline improved – Energy and carbon report 32 FY18 m down 8.8% to £460.9m (FY19: £505.3m, an 11.3% decline) Our ambition Our purpose FY19 m ■ Group gross margin2 down by 3.1%pts to 36.5% To be the number Make good things Governance FY20 £264.4m 2. (FY19: 39.6%), driven by lower financial services margin one destination for easily accessible Corporate governance report 33 shoppers who value to more people. and a change in product mix, with demand for higher Directors’ report 36 statements Financial margin fashion items lower year-on-year flexible ways to pay. Statement of Directors’ responsibilities 37 ■ Underlying EBITDA3 slightly lower by 2.9% to £264.4m PROFIT/(LOSS) BEFORE TAX (FY19: £272.4m), with volume growth and cost Financial statements FY16 m efficiency helping to mitigate the effects of a Auditor’s report 38 FY17 m challenging market and the emergence of Covid-19 Financial statements and notes ■ Pre-exceptional EBITDA4 down 4.4% to £259.1m FY18 m to the Financial statements 40 (FY19: £271.0m) Company information 88 FY19 m ■ Cash at bank £206.4m (FY19: £14.8m) FY20 £48.4m ■ Mobile sales mix up +3%pts – now 82% of online sales (FY19: 79%) MOBILE SALES MIX % (AS % OF TOTAL ONLINE SALES) FY16 The Very Group FY17 FY18 FY19 79% FY20 82 3pts Annual Report 2019/2020 1 Defined as having shopped in the last 12 months. 2 Gross profit as a % of total revenue, each as per Consolidated Income Statement on page 40 3 Underlying EBITDA is defined on page 23 of the Financial review (Pre-exceptional EBITDA) and includes £7.3m benefit relative to prior year due to the transition to IFRS 16 and the corresponding reclassification of rent expense to interest and depreciation. Find out more: 4 Pre-exceptional EBITDA is defined in note 6 01 www.theverygroup.com to the Financial statements. We’re The Very Group We’re a unique digital business with an integrated retail and Our business Overview financial services model – bringing desirable brands within at a glance easy reach of more customers. Strategic report Our biggest and fastest growing Established in 1923, our family-focused Governance brand selling everything from tech to digital multi-category store has a loyal tableware, it’s famous for its combination customer base. of big-name brands and on-trend fashion. VERY.CO.UK SALES LITTLEWOODS SALES FY16 m +10.5% FY16 m 57. 3% Financial statements Financial FY17 m RETAIL SALES FY17 m CREDIT FY18 m GROWTH FY18 m CUSTOMERS FY19 m FY19 m RETAINED FOR 5+ YEARS4 FY20 £1,58.8m +6.8% FY20 £460.m 8.8 SALES1 (FY20) ■ A UK online multi- SALES2 (FY20) ■ Offers the big brands category store with our customers desire, £1,589.8m big-name brands £460.9m for themselves and (+6.8%) ■ Offers customers a (-8.8%) all the family broad, curated and ■ Services a wide range VERY.CO.UK inspiring selection LITTLEWOODS PRE- of customers PRE-EXCEPTIONAL of products EXCEPTIONAL EBITDA EBITDA3 (FY20) (FY20) ■ Lets customers The Very Group ■ Provides flexible ways access the products £329.4m to pay via a range of £116.6m they want while (-4.3%) financial services (-16.7%) staying in financial products, so customers control through can buy what they regular interest- ONLINE VISITS (FY20) ONLINE VISITS (FY20) want when they free payments Annual Report 2019/2020 524.0m need it most 162.5m Annual Report 2019/2020 (+28.8%) (+17.0%) TOTAL ACTIVE CUSTOMERS (FY20) 1 In FY19 Very sales included Very.co.uk and VeryExclusive.co.uk. VeryExclusive.co.uk was fully migrated to Very.co.uk by the second half of FY19 2 Littlewoods sales include Littlewoods.com and LittlewoodsIreland.ie. The Very Group 3.40m 3 Pre-exceptional EBITDA by brand is stated before central costs. See page 57 (+14.1%) for more details. 03 02 4 Credit customer retention rate excludes Littlewoods Ireland. Facing the future with confidence a lower margin rate, which was driven by lower financial services margin including £12.4m of Covid-19 impacts Group Chief and a fall in demand for higher margin Overview fashion items, a result of a softening in the fashion market. These impacts have been largely mitigated through Executive’s review higher retail volumes, continued cost discipline and the benefit to EBITDA from adoption of IFRS 16. VERY.CO.UK DEBTOR BOOK Delivering strong results in an IN GROWTH The Very.co.uk debtor book continued exceptionally challenging year. to grow, by 1.1%. Our Group debtor Strategic report book declined by 2.6%, reflecting the impact from strong customer payment rates and improved credit decisioning, which uses the most up-to-date credit bureau data. The bad debt as a percentage of the debtor book increased by 1.2%pts to 8.2% including the impact of an Very.co.uk retail sales climbed 36.0% £460.9m, representing an additional £12m of provision due to year-on-year. improvement on the prior year Covid-19. Underlying bad debt was £2bn decline of 11.3%. lower, as the quality of our financial CONTINUING TO FOCUS ON services earnings continued to Revenue surpassed for first time We delivered sales Governance OUR STRATEGIC OBJECTIVES ACQUIRING CUSTOMERS improve driven by advancements Despite the operational challenges This performance was underpinned growth throughout made in our credit decisioning posed by coronavirus, we saw by strong customer acquisition, which lockdown and processes. continued progress against our in turn was boosted by consumers’ strategic objectives, including the eagerness to shop online during maintained our Following the late surge in volume of successful launch of Skygate, our £48.4m quarter 4. Very.co.uk customers grew customer redress claims ahead of the new automated fulfilment centre PBT, reflecting a return to profit 14.1% to 3.4m, driven by new customer financial stability. 29 August 2019 Financial Conduct and a significant acceleration in our growth of 26.6% in the year and over We did not draw on Authority (FCA) deadline, which was digital agenda, establishing new 100% in quarter 4 alone, supporting provided for in FY19, our parent, Shop working models for contact centre and total Group customer growth of 10.6% Direct Holdings Limited, continued the Government’s statements Financial head office colleagues which harness to 4.48m for FY20. to demonstrate its commitment to HENRY BIRCH the benefits of remote and on-premise Coronavirus Job the business by providing a total equity work, including setting up our 800 INCREASING SALES injection in the year of £100m. Alongside 2020 has been an unprecedented contact centre colleagues to work Group retail sales grew by 5.8% Retention Scheme a further £50m raised through the year for our business and the from home for the first time. over the prior year, including strong or any Government additional issue of C2 notes through the country more broadly. performances across many of our securitisation facility, this completed The economic impact of Covid-19 will electrical and home departments, as initiated loan the total £150m funding requirement When the Covid-19 outbreak began, undoubtedly create challenges for well as toys and sportswear, which we announced in October 2019. During our priorities were to protect the retail in the years ahead. However, we see as key growth opportunities. schemes, and will FY20 there has been a further increase wellbeing of our colleagues, to I am proud of how our colleagues Similar to other fashion retailers, we repay the temporary to the provision of £15.0m to recognise continue to support our customers have navigated this crisis so far and have experienced reduced demand for the remaining cost of settling all and to ensure the long-term financial I am confident that by continuing fashion in the year.
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