Saga hails ‘strong start’ to year for cruise and holidays

Saga Group has reported a “strong start” to its financial year with bookings up for both cruises and holidays.

A trading update by the over-50s specialist noted booked load factors for ocean and river cruises for the first half ahead of the same point last year at 95% and 93% respectively.

Holiday bookings are also ahead, with revenue 14% up and passenger numbers 13% higher. The company operates the brands Titan Travel and Saga Holidays.

Saga said the group overall traded “in line with expectations” for the first four months and “remains on track” for the full year.

The group’s net debt at May 31 was £569.5 million, down from £622.7 million  a year earlier and £590.5 million at January 31.

The update covering the period from February 1 to June 23 came ahead of the group’s annual meeting being held today (Tuesday).

Group chief executive Mike Hazell said: "I am pleased to report that Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations. 

“Looking ahead, we are focussed on continuing to grow our travel and money businesses, while successfully transitioning to our new simplified insurance model.”

Interim results for the six months to July 31 are due to be announced on September 24.