Saga has slumped to a loss of £55.5 million as its travel division suspended operations due to the Covid-19 crisis during the first half of the year.
The over-50s specialist said its half-year loss was down to a £59.8 million “impairment” charge for its travel division due to the impact of Covid, as travel revenue slumped 77.5% year-on-year to £49.3 million for the six months to 31 July.
Saga added that it expected the cash “burn” for its travel businesses to be between £6 million and £8million per month for the rest of the year.
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