The Very Group, which operates online retail brands and, has announced its results for the year ended 30 June 2020 as it begins a search for a new CTO.

Andy Burton, who joined the firm as Group CTO in May 2019, will be leaving the group in February 2021 to take a new role in a different sector.

A search is now under way to find a successor, and the group said Burton will work closely with it to ensure a smooth handover.

The move was announced as part of the group’s latest figures, which show it has returned to profit, recording profit before tax of £48m and underlying EBITDA of £264m, each including Covid-19 related costs.

The Group said it had  finished the year in “strong financial health”, with a cash balance of over £200m and net debt reducing by £144m.

Henry Birch, CEO at The Very Group, commented: “I am delighted to announce a strong set of results and a return to profitability in FY20 thanks to the combination of the commitment of our people and our flexible and resilient business model. Despite the unprecedented challenges of the pandemic, the business has proven its adaptability yet again.  We delivered for record levels of new customers, who used the Very app for items to entertain their families and improve their homes, and increasingly valued our flexible ways to spread the cost.

“We prioritised the safety of our colleagues, whilst remaining focused on customer experience. We migrated to, tested and launched Skygate, our new automated fulfilment centre, which enables us to process customer orders within 30 minutes, whilst materially reducing costs and is all set to support our Q2 peak trading period.

“The economic landscape will remain unpredictable. However, we believe our flexible and resilient business model, which gives customers access to the brands they love via flexible ways to pay, will help us thrive as customers continue to rely on online shopping. Our purpose, ‘to make good things easily accessible to more people’, has never been more relevant.”