In a trading update on Tuesday (5 July), the group gave an insight into how its travel businesses have so far emerged from the Covid crisis during the five months to 4 July, detailing a buoyant outlook for its cruise division in particular.

The over-50s specialist said 2022/23 booked cruise load factor, as of 2 July, was 73% with a full-year figure of 75% expected owing to "exceptionally strong booked factor over the summer". Its 2023/24 cruise season, meanwhile, is currently booked at a load factor of 34% – "well ahead of expectations". The group has two ships – Spirit of Discovery and Spirit of Adventure.

Earlier this year, Saga announced plans to combine the operations of Saga Holidays and sister escorted touring brand Titan Travel, with Titan serving as the group’s trade-facing brand.

The group said its holidays business would likely report a "small" first-half and full-year losses, a "much-improved result compared to the prior year" which was heavily disrupted by Covid. It added the recent launch of its 2023/24 holidays programme was showing "encouraging early signs".

As a result, Saga expects to record an underlying profit before tax of £35 million to £50 million for its 2022/23 full-year, "in line with analyst expectations" and up significantly on last year’s result, an underlying loss before tax of £7 million.

The group also reported a recovery in its travel insurance business with policy sales in June achieving pre-pandemic levels. "Our travel business is continuing to make progress as we emerge from the pandemic," said Saga Group chief executive Euan Sutherland.

He added that despite the headwinds ahead, the group was well-positioned. “While the external environment remains challenging in the near-term, I am confident our strategy, our people and our product offering will create long-term growth and value for our stakeholders."

Saga added: "The group is navigating a period of global turbulence and remains mindful of the current inflationary pressures. Notwithstanding this, we remain confident in the strength of the Saga brand and that the growth plan set out as part of the preliminary results will return Saga to sustainable growth."

The group on Tuesday announced a slew of senior appointments, including two new non-executive directors, to widen the range of skills within the business and to strengthen its focus on "marketing, content and distribution".

ITV plc chair Sir Peter Bazalgette joins the Saga board as senior independent non-executive director while Gemma Godfrey, Good Morning Britain and Sky News business and money expert, has been appointed to a non-executive director role. Both will join the board on 1 September. Orna NiChionna will leave the board after eight years.

Elsewhere, Royal London chief customer officer Jerry Toher will become chief executive of Saga Personal Finance, while Aaron Asadi has been appointed chief executive of Saga Media tasked with leading the group’s media and content strategy with a view to increasing the "frequency and depth" of Saga’s interaction with customers. Saga has also appointed a chief data officer.