25 June 2024
Saga plc
AGM Trading
Update
Ahead of its Annual General Meeting
(AGM), Saga plc
(Saga or the Group), the UK's specialist in products
and services for people over 50, provides the following trading
update covering the period from 1 February
2024 to 24 June 2024. The AGM will be held at 11.00am today at the offices of
Numis Securities Limited, 45 Gresham Street, London EC2V
7BF.
Group highlights
· The
Group has traded in line with expectations for the first four
months and remains on track for the full year.
· Our
Ocean and River Cruise businesses have had an exceptional start to
the year with booked load factors1 ahead of the same
point last year, at 83% and 78% respectively, alongside growing per
diems.
· Travel
bookings1 are also ahead of the prior year, with booked
revenue 14% up, on a higher number of passengers.
· Market
conditions for Insurance remain challenging. We are taking action
to stabilise our Broking business and are seeing early signs of the
expected benefits in motor. Emerging net rate inflation in home
means the actions are expected to have less of an impact
overall.
· The
pricing action taken in Insurance Underwriting continues to earn
through, further improving the combined operating ratio.
· The
Group repaid the £150.0m senior unsecured bond that matured in May
2024 through a combination of Available Cash resources and £75.0m
from the facility with Roger De Haan. Following this, Available
Cash at 31 May 2024 was £93.5m.
· We are
continuing to explore partnership opportunities within Ocean Cruise
and Insurance that would support our growth ambitions, crystallise
value and enhance long-term returns for shareholders.
Mike Hazell, Group Chief Executive Officer,
said:
"Saga has made a good start to the
new financial year. Our Ocean Cruise business has traded
exceptionally well and, in Insurance, we have continued to take
actions within a market which remains challenging. Looking ahead,
we are focused on driving sustainable business growth in a
capital-light way, while growing our customer base and deepening
our connections with those customers."
The Group's interim results for the
six months ending 31 July 2024 will be announced on 2 October
2024.
For further information, please
contact:
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Saga plc
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Emily Roalfe, Director of Investor
Relations and Treasury
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Tel: 07732 093 007
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Email: emily.roalfe@saga.co.uk
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Headland Consultancy
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Susanna
Voyle
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Tel: 07980 894 557
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Will Smith
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Tel: 07872 350 428
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Tel: 020 3805 4822
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Email: saga@headlandconsultancy.com
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Notes to editors
Saga is a specialist in the provision of products and services
for people over 50. The Saga brand is one of the most recognised
and trusted brands in the UK and is known for its high level of
customer service and its high quality, award-winning products and
services including cruises and holidays, insurance, personal
finance and publishing. www.saga.co.uk
END
1 Bookings at 23 June 2024