Travel as a whole lost £79.3 million in the 12 months to 31 January 2022, compared with a loss of £78.5 million the previous year.
Saga’s cruise business was suspended until 27 June 2021, when it resumed UK sailings with a limited number of guests onboard. UK restrictions were lifted in the summer and limited international sailing commenced.
Saga said: “In spite of these headwinds, customer demand remained strong.” It added the cruise business had been profitable in the second half with a load factor of 68% and per diem of £299.
The brand’s tour operations had not seen demand return so readily, it said.
“Our customers have been cautious about returning to this form of travel, with the need to move through airports and mix with a greater range of people.”
Saga has since restructured its business combining Saga Holidays and Titan Travel, and moving management of river cruise operations to ocean cruise.
Saga Group, which includes the insurance and personal finance businesses, ended the year with a loss before tax of £23.5 million, an improvement of 62% on 2020/21.
Euan Sutherland, Saga Group chief executive, said: “The insurance business delivered a robust performance with the second year of policy growth after several years in decline, whilst in travel, we resumed operations, secured positive cruise bookings for 2022/23 and began the restructure of our tour operations business.
“Against this backdrop, we are now looking to convert the foundations laid over the past two years into sustainable growth and are further evolving our strategic approach.”
