30th Sep 2014 07:59
LONDON (Alliance News) - Saga PLC, which provides products and services primarily tailored for people aged over 50, Tuesday said its first-half pretax profit fell by almost two-thirds, hit by the costs of its initial public offering and new debt.
In a statement, Saga said it made a GBP32.8 million pretax profit in the six months ended July 31, compared with GBP92.1 million in the corresponding period last year.
Revenue fell to GBP583.5 million from GBP632.0 million, while administrative and selling expenses rose to GBP190.6 million from GBP147.0 million.
On a like-for-like basis, pretax profit increased to GBP106.5 million from GBP92.7 million.
Chief Executive Lance Batchelor said Saga's interim results have put it on track to meet market expectations for the full year.
In addition, Saga said it has appointed Jonathan Hill as its new chief financial officer. He will join from Bovis Homes Group PLC, where he has been finance director for the past four years.
Hill will replace Stuart Howard, who will step down after more than 14 years in the role. He plans to retire at the end of 2015. Saga expects Hill to step up to the role at some point in 2015.
Saga shares were Tuesday quoted up 0.1% at 172.40 pence.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SagaBovis Homes