Revenues at online retailer The Very Group have topped £2bn for the first time despite the "challenging" economic conditions of the coronavirus pandemic.
The Merseyside-based firm, which rebranded from Shop Direct earlier this year and owns Littlewoods and Very, revealed strong revenue growth in its annual results for the year ending June 30 - and said it expects a return to profit for this financial year.
The group said new customers grew by over 100% of the final quarter and that full year and that underlying earnings before interest and tax are expected to be between £255m and £270.
That's as well as a 65% increase in website visits driving "exceptional retail sales growth" of 36% for Very.co.uk in the final quarter, meaning full-year growth of 10%.
Henry Birch, CEO at The Very Group, said: “Thanks to the tireless efforts of our colleagues, we performed very strongly in Q4 despite the challenges of Covid-19. We prioritised the safety of our people and delivered an uninterrupted service for new and existing customers, who chose us as their preferred shopping destination during lockdown.
“As in the financial crisis, our business model proved adaptable and resilient in the face of volatile conditions and changing consumer buying patterns.
"We experienced peak trading levels and recruited unprecedented levels of new customers as our online multicategory model supported by financial services came to the fore.
“Despite operational challenges caused by Covid, we adapted and pressed on with the migration to our Skygate fulfilment centre, which will create game changing new benefits for our customers and our business. "
In the results released on Thursday morning, the firm also said financial services remained "robust" with improving payment rates, and that the firm had not utilised the Government's furlough scheme, or accessed any loans.
The Littlewoods Pensions Scheme, which is sponsored by The Very Group, completed a buy in deal with Rothesay Life for just under £930m in July 2020.
It's the second buy-in for the scheme with substantially all member liabilities for The Very Group now insured.
Mr Birch added: “Economic conditions will continue to be challenging, but we believe we are more relevant than ever for customers, who are increasingly buying online.
"We are well positioned to continue the strong trading into the new financial year and will continue to invest to ensure we are at the forefront of whatever the new normal may be.
“Our purpose to 'Make good things easily accessible to more people' is more relevant than ever and we look forward to helping even more UK shoppers seamlessly access the products they need for themselves and their families.”
