Its preliminary results for the full-year ended 31 January 2021 demonstrated a loss before tax of £61.2 million, reflecting a £59.8 million “impairment of travel goodwill in the first half”.
Underlying profit before tax was £17.1 million, against the backdrop of Covid.
The group reported a strong liquidity position, with total available cash of £75.4 million and an undrawn revolving credit facility (RCF) of £100 million as of 31 January 2021.
It added travel was “reset and ready to operate once restrictions are lifted” in 2021.
Total cruise bookings were £154 million for 2021/22 and 2022/23 combined, in comparison to £128 million at the same point last year, representing a 20% improvement. This excludes 2020/21 bookings that have been cancelled where the customer has indicated that they want to rebook but have yet to do so on a specific cruise.
Euan Sutherland, Saga’s Group chief executive officer, said: "The progress we have made is clear in the resilient performance delivered by our insurance business and in cruise where our high levels of customer retention show clear loyalty to our differentiated boutique offering.
“At the same time, we have been working to develop the plans to refresh our brand and to invest in data and digital to improve the customer experience.
"Looking ahead, while we are mindful of economic headwinds and the potential ongoing impacts of Covid-19, it is clear that there is significant pent-up demand among our customer base, the vast majority of whom have now been vaccinated and are ready to enjoy post-lockdown freedom.
“Saga is a proud British business, with a strong brand, loyal customers and great people and we are excited about the opportunities ahead.
“We look forward to relaunching our brand later in 2021 which will only enhance our ability to unlock the potential in Saga, returning the business to sustainable growth and creating significant long-term value for all our investors and stakeholders."
