A company operates a standard costing system. The following information has been extracted from the standard cost card for one of its bestselling products:

Budget production 1,250 units

Direct material cost [7kg@£4.2/kg] £29.40/unit

Actual results for the period show that production was 1,200 units. Direct material purchased and used was 7,300kg costing £33,880 in total.

The value of the material usage variance is