REG - SAGA Plc - AGM Trading Update

SagaAnnouncement

25/06/2024 07:00

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RNS Number : 6765T  SAGA PLC  25 June 2024

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 factors(1) ahead of the same point last
year, at 83% and 78% respectively, alongside growing per diems.

·      Travel bookings(1) 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:

 Saga plc
 Emily Roalfe, Director of Investor Relations and Treasury  Tel: 07732 093 007
                                                            Email: emily.roalfe@saga.co.uk (mailto:emily.roalfe@saga.co.uk)
 Headland Consultancy
 Susanna Voyle                                              Tel: 07980 894 557
 Will Smith                                                 Tel: 07872 350 428
                                                            Tel: 020 3805 4822
                                                            Email: saga@headlandconsultancy.com (mailto:saga@headlandconsultancy.com)

 

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 (http://www.saga.co.uk)

 

END

(1) Bookings at 23 June 2024

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