Virgin Money UK (ASX:VUK) withdraws FY22 targets

Company News

by Rachael Jones

Virgin Money UK (ASX:VUK) report statutory loss after tax of £141 million - this is inclusive of £292 million of exceptional items, including £139 million of integration transformation costs, £113 million of acquisition accounting unwind and £26m of conduct charges.

With regards to guidance the company says given the unprecedented nature of Covid-19, the exact economic outlook for the UK is clearly evolving and remains hard to predict with any high degree of certainty at present; it is therefore not appropriate at this stage to give firm medium-term guidance and so the Group’s previous FY22 targets are withdrawn pending more certainty in the economic environment.

The lender expects underlying operating costs to fall to less than £875 million in the 2021 financial year from £917 million in 2020.

Shares in Virgin Money UK (ASX:VUK) closed 1.9 per cent lower at $2.60.