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Home Economie

Virgin Money’s full-year pre-tax loss shrinks to £168 million.

souhaib by souhaib
November 25, 2020
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  • Virgin Money’s full-year pre-tax loss shrinks to £168 million.
  • The British firm values its credit impairment charge at £501 million.
  • Virgin Money’s statutory ROTE jumps to negative 6.2%.

In a report on Wednesday, Virgin Money UK plc (LON: VMUK) said that it booked a sizable impairment charge in fiscal 2021 but concluded the financial year with a pre-tax loss that was narrower than last year. The company also expressed confidence that it was well-positioned to weather the COVID-19 disruptions in the upcoming months.

Virgin Money opened more than 1.5% down on Wednesday and lost another 4% in the next hour. On a year to date basis, the company shares are now more than 25% down in the stock market, after recovering more than 125% since its low in the first week of April due to the COVID-19 crisis.


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Virgin Money values its credit impairment charge at £501 million

Virgin Money reported £168 million of pre-tax loss in the financial year that concluded on 30th September. In comparison, it had posted a much broader £232 million of pre-tax loss in fiscal 2020.

The financial services company also said on Wednesday that its underlying pre-tax profit slipped to £124 million this year versus the year-ago figure of £539 million. In separate news from the United Kingdom, United Utilities said on Wednesday that it expects its annual revenue to take a hit due to the COVID-19 crisis this year.

Virgin Money valued its credit impairment charge in fiscal 2021 at £501 million versus £153 million in the previous year. At £1.35 billion, its underlying net interest income was also weaker than £1.43 billion that it had recorded in fiscal 2020.

Virgin Money’s statutory ROTE jumps to negative 6.2%

The Leeds-headquartered company said that statutory ROTE (return on tangible equity) jumped to negative 6.2% this year from negative 6.8% last year. The company forecasts £10 million to £15 million of costs related to the Coronavirus pandemic in fiscal 2021. The COVID-19 crisis has so far infected more than 1.5 million people in the United Kingdom and caused over 55 thousand deaths.

The financial services firm also revealed a target of under £875 million in underlying operating cost base on Wednesday versus £917 million in fiscal 2020. In an announcement last month, Virgin Money had expressed plans of cutting 400 jobs to cut costs amidst the Coronavirus pandemic.

Virgin Money UK plc debuted on the London Stock Exchange in November 2019 at a per-share price of £1.39. At the time of writing, it has a market cap of £1.99 billion.



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