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27 Sep 2018

BY Tom Parry

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TRFBLI

Saga on track to meet 'ambitious' travel plan with half-year financials

Saga Group has said its travel sales are continuing to meet its “ambitious plan” after reporting a “solid” performance for the first half of its financial year.

Spirit of Discovery, artist rendering

Pre-tax profits for the half year to July 31 for the company’s travel division were £12 million against £11.9 million over the same period in 2017.

 

Total travel revenue declined slightly year-on-year to £228.7 million against £230.4 million.

 

Saga’s tour operations generated revenues of £181.1 million, down from £185.5 million in 2017, while its cruise business was up at £47.6 million from £44.9 million in the previous year.

 

This reflected a 3,000 increase in passenger days with a rise in capacity.

 

Saga said the construction of its first new-build ship, Spirit of Discovery, continued “to be on time and on budget” for its maiden cruise in July 2019, while demand for the 999-passenger “boutique” vessel, “continues to support our ambitious plan.

 

“We have achieved over 64% of our sales target for the first 19 cruises starting June 2019, at per diems [per day] that continue to be in line with our expectations. We have now sold over 90% of targeted capacity for her first five cruises,” Saga said.

 

For its tour operations, Saga saw the number of holidaymakers fall by 7.3% to 89,000 while cruise passengers carryings rose by 7.7% to 14,000.

 

Underlying pre-tax profit for tour operations was in line with the same period last year at £7.2 million, while cruise achieved underlying pre-tax profit of £4.8 million against £4.7 million.

 

Lance Batchelor, group chief executive, said: "Travel has delivered a solid performance and we are seeing encouraging demand for our new ship, Spirit of Discovery, in line with our ambitious plan.”

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Place of registration: England and Wales.
Company number 08723341.
Registered address: New Bridge Street House, 30-34 New Bridge Street, London EC4V 6BJ
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