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Virgin Money in £150m buyback
Evening Standard
|November 23, 2023
VIRGIN Money today unveiled plans to buy back £150 million of its own shares, despite a fall in profits and rising bad debts.
The challenger bank has struggled to make inroads against the big players and recently closed its flagship "high tech" store in Kensington High Street.
Profits for the year plunged from £595 million last year to £345 million for 2023, far lower than the City has been expected. The shares fell 3p to 154p. They are off 7% this year.
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