• FY pre-tax profit up 512% to GBP40.4m
  • Group sales rise 3% to GBP1.74bn
  • Strong revenue growth for Very.co.uk brand

Multi-brand online retailer Shop Direct recorded a robust pre-tax profit for the year ended 30 June, thanks to a big sales increase for its Very.co.uk brand.

While group sales were up 3% in the period, Very.co.uk posted a 23% revenue hike to above GBP700m (US$1.13bn), while heritage brands Littlewoods.com and KandCo.com recorded a combined sales decline of 7.6%.

The company said 84% of sales were made online during the year – up from 78% last year – while average daily visits to its six websites rose 19% to 950,000.

“These are strong results, driven by the outstanding growth of Very.co.uk and the unrelenting boom in m-commerce,” said group CEO Alex Baldock.

“Mobile continues to be a game-changer for us, with more than half of our online sales now from smartphones and tablets. It’s clear that our strategy is working and we’ve made some big strides toward building a world-class digital retailer.

“But we’re nowhere near the full potential of this business, there’s a ton more to do, and we’ll continue to invest heavily to get it done.”