The group on Wednesday (27 September) reported half-year revenue (six months to 31 July) of £355.3 million after its ocean and river cruise units recorded underlying profits before tax of £12.9 million and £1.5 million respectively – up on last year’s losses of £6.9 million and £2.1 million.
Saga said revenue growth for its ocean cruise segment was achieved through a 17 percentage point increase in load factor, as well as 5% increase in spending per person, which has gone up to £333. River cruise load factor, meanwhile, has increased by more than a third (34%) to 83%, with per person spending now running to £296.
Forward bookings for both segments have also increased. As of 24 September, full-year booked load factor for Saga’s ocean cruises stood at 86%, 12 percentage points ahead of where it was at the same period last year. Full-year booked load factor for river, as of the same date, stood at 85% when compared to last year.
Group chief executive Euan Sutherland said: “In ocean cruise, bookings are on track to achieve our targets for the full year, reflecting continued strong customer demand, while our river cruise business has returned to profit with a 34% increase in guest numbers."
Sutherland added Saga’s travel arm, which recorded an underlying pre-tax loss of £2.6 million, was “on track to return to profit” after reporting booked revenue for the full year of £155.8 million – up 46% on last year’s levels.
Looking ahead, the group said it was “well-placed to achieve full-year double-digit growth” in both revenue and profitability with its cruise and travel segments poised to deliver underlying profit before tax in line with pre-pandemic levels.
