17th Apr 2024 10:44
(Alliance News) - Saga PLC on Wednesday said it is "confident" looking ahead, as it reported higher annual revenue and a narrowed loss.
Saga is a London-based provider of insurance and travel services for people aged 50 and over.
Revenue rose 12% to GBP741.1 million in the year that ended January 31 from GBP663.7 million the year before, helping its pretax loss to narrow to GBP129.0 million from GBP272.7 million.
The loss reflects a GBP104.9 million impairment of Insurance goodwill, restructuring costs of GBP40.3 million, and other smaller one-off below-the-line items, Saga explained.
Looking ahead, Saga said the "strong" customer demand in its Cruise and Travel arm is expected to continue into financial 2025.
Chief Executive Mike Hazell said: "I am confident in our strategic direction, which underpinned by the strength of our brand, allows us to continue to serve our unique customer base. Our decision to accelerate our partnership strategy will provide us with a capital-light route to growth, reducing debt and delivering long-term sustainable value for all our stakeholders."
Hazell took over as CEO in January, having been chief financial officer.
Shares in Saga were down 1.8% to 107.00 pence each in London on Wednesday morning.
By Sophie Rose, Alliance News senior reporter
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