Virgin Money eyes dividend this year as profits more than double March 5, 2015 Challenger bank Virgin Money could start paying dividends as soon as the middle of this year, chief executive Jayne-Anne Gadhia told City A.M. yesterday. Virgin announced operating profits of £121.2m for 2014, more than double the £53.4m recorded in 2013. However, its statutory profits slumped to £34m – 2014’s figures include the costs of its [...]
Virgin Money share price jumps as underlying profit more than doubles after IPO March 5, 2015 The figures Shares in recently-listed challenger bank Virgin Money rose almost five per cent in late morning trading, after it posted figures showing full-year underlying pre-tax profit soared 127 per cent thanks to its swelling mortgage loan book. The challenger bank, which floated in November, said underlying pre-tax profit was £121m in 2014, up from [...]
FTSE 100 and 250 quarterly review: Hikma, AA, Virgin Money Holdings and Imagination Technologies Group are in and Afren, Game Digital and Oxford Instruments are out March 4, 2015 The FTSE Group has released its quarterly review showing which companies have edged into the index and which have dropped out. Hikma Pharmaceuticals made its way into the FTSE 100 while Tullow Oil has fallen out of the top index. Hikma floated on the London Stock Exchange in 2005. Tullow will now join the FTSE [...]
Virgin Money snaps up £363m of credit card assets from MBNA December 1, 2014 Challenger bank Virgin Money yesterday bought another portfolio of credit card assets from MBNA, continuing its acquisition spree as the lender bulks up. Virgin Money paid £363m for the assets, 11 months after it bought a similar book for £1bn. The lender snapped up the good bank part of Northern Rock to fully launch itself [...]
Virgin Money IPO: Jayne-Anne Gadhia to get £1m bonus, but misses a bigger payout on low valuation November 13, 2014 Virgin Money’s chief executive yesterday received a bonus of almost £1m for successfully floating the business at a valuation of £1.25bn. Jayne-Anne Gadhia was given around one-third of a million shares, amounting to 0.086 per cent of the bank’s stock and valued at just under £1m. But she missed out on a bigger [...]
Virgin Money IPO: Shares priced at 283p valuing bank at £1.25bn November 13, 2014 Shares in Virgin Money will be priced 283p per share when trading begins in earnest on Tuesday, the bank confirmed today. The pricing, which City A.M. exclusively revealed yesterday, values the challenger bank at £1.25bn. Conditional dealing begins this morning, with unconditional dealing and formal admission to the London Stock Exchange expected to take place next [...]
Virgin Money to start trading at lower end of pricing scale November 12, 2014 THE LONG-AWAITED flotation of Virgin Money will take place tomorrow, although the bank is planning to price its shares right at the bottom of their range, City A.M. understands. Earlier this month we revealed the challenger bank will target a share price of 283p-333p when it launches its IPO, valuing it at £1.25bn-£1.45bn. A source close [...]
Exclusive: Virgin Money to IPO on Friday, but prices shares at bottom of range November 12, 2014 The long-awaited flotation of Virgin Money will take place on Friday, although it is planning to price its shares right at the bottom of their range, City A.M. understands, . Earlier this month, we revealed the challenger bank will target a share price of 283p-333p when it launches its IPO, valuing it at £1.25bn-£1.45bn. But a source [...]
Challenger banks Virgin Money and Yorkshire Building Society call for RBS and Lloyds to be split up November 10, 2014 Small lenders are calling on the competition watchdog to look at breaking up RBS and Lloyds, arguing the market is too focused on giant players. The Yorkshire Building Society (YBS) and Virgin Money have both written to the Competition and Markets Authority (CMA) to push for the big banks to carve out more new challengers from [...]
Exclusive: Virgin Money IPO gets thumbs-up from investors as “big four” banks are slated by CMA November 6, 2014 Bankers working on the flotation of Virgin Money are likely to exercise their "greenshoe" option when it launches its initial public offering (IPO) later this month, City A.M. understands. A source close to the deal said such has been the enthusiasm from investors for shares in the bank, it will sell an extra tranche of [...]