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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Virgin Money UK PLC    CYBG   GB00BD6GN030

VIRGIN MONEY UK PLC

(CYBG)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 08/12 11:30:00 am
97.41 GBX   +0.67%
08/11Australia, NZ shares fall as virus fears deepen
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08/07Emergency lending to Scottish businesses falls short, UK data shows
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07/28VIRGIN MONEY UK : Q3 trading update 2020
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Virgin Money UK : restarts job cuts and branch closures after coronavirus pause

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07/01/2020 | 06:07am EDT
A logo at a branch of Virgin Money bank is seen in London

British lender Virgin Money will restart a redundancy and branch closure programme that was paused due to the coronavirus crisis, it said on Wednesday.

Virgin Money said it would also press on with rebranding its Clydesdale and Yorkshire Bank branches by January 2021, a plan that was shelved in May.

The bank said it would make around 300 redundancies for the time being, 200 fewer than previously planned.

It will also close 22 branches and consolidate a further 30, resulting in a total reduction of 52, unchanged from before.

Virgin Money announced the planned cuts in February as part of a cost-cutting programme begun following the merger of Virgin Money and Clydesdale and Yorkshire Banking Group in 2018.

The lender posted a first-half pretax loss in May after booking a 232 million pound ($288 million) provision for bad loans and likely defaults due to the pandemic.

Virgin Money follows HSBC in resuming plans to cut jobs after a pause, after its larger rival dusted off plans to cut around 35,000 jobs in June.

(Reporting by Iain Withers, editing by Maiya Keidan and Mark Potter)

Stocks mentioned in the article
ChangeLast1st jan.
HSBC HOLDINGS PLC 3.81% 358.35 Delayed Quote.-39.67%
VIRGIN MONEY UK PLC 0.70% 97.44 Delayed Quote.-48.32%
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Latest news on VIRGIN MONEY UK PLC
08/11Australia, NZ shares fall as virus fears deepen
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08/07Emergency lending to Scottish businesses falls short, UK data shows
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07/28VIRGIN MONEY UK : Q3 trading update 2020
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07/01VIRGIN MONEY UK : restarts job cuts and branch closures after coronavirus pause
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More news
Financials
Sales 2020 1 523 M 1 989 M 1 989 M
Net income 2020 -46,9 M -61,2 M -61,2 M
Net Debt 2020 - - -
P/E ratio 2020 -14,1x
Yield 2020 1,17%
Capitalization 1 401 M 1 828 M 1 830 M
Capi. / Sales 2020 0,92x
Capi. / Sales 2021 0,91x
Nbr of Employees 9 667
Free-Float 82,5%
Chart VIRGIN MONEY UK PLC
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Technical analysis trends VIRGIN MONEY UK PLC
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 146,82 GBX
Last Close Price 97,44 GBX
Spread / Highest target 259%
Spread / Average Target 50,7%
Spread / Lowest Target -28,2%
EPS Revisions
Managers
NameTitle
David Joseph Duffy Chief Executive Officer & Executive Director
David Jonathan Bennett Chairman
Fraser Ingram Chief Operating Officer
Ian Stuart Smith Group Chief Financial Officer & Executive Director
Paul Jonathan Coby Independent Non-Executive Director
Sector and Competitors