Saga Provides Trading Update Ahead of Annual General Meeting

Passengers enjoying themselves on a Saga cruise ship
Corporate News Cruise Industry
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Saga Group has issued a trading update in advance of its Annual General Meeting scheduled for Tuesday, June 25, at Numis Securities in London.

The update spans the period from February 1 to June 24, 2024.

Mike Hazell, CEO of Saga Group, stated: “Saga has made a good start to the new financial year. Our Ocean Cruise business has traded exceptionally well and, in Insurance, we have continued to take actions within a market which remains challenging. Looking ahead, we are focused on driving sustainable business growth in a capital-light way, while growing our customer base and deepening our connections with those customers.”

Key points from the update include:

  • Both the Ocean and River Cruise businesses have had a strong start, with booked load factors at 83% and 78%, respectively, along with rising per diems.
  • Booked revenue has increased by 14%, driven by a higher number of passengers.
  • The Group's performance for the first four months has met expectations and remains on track for the full year.
  • The Group repaid the £150 million senior unsecured bond maturing in May 2024 using Available Cash and £75 million from Roger De Haan’s facility.