24th Jun 2025 09:23
(Alliance News) - Saga PLC on Tuesday reported that it "remains on track" for the full year as all businesses are performing in line with its guidance.
The provider of products and services for people over 50 also announced that it and FTSE 100-listed bank NatWest Group PLC have agreed heads of terms, with final negotiations now ongoing, "for a range of personal banking products, starting with a new savings proposition".
"This partnership would combine NatWest's scale and banking capabilities with our customer insight and marketing strengths, and support our ambition to continue growing our Money business," Saga explained.
Meanwhile, Saga said: "The group traded in line with expectations for the first four months [from February 1 to June 23] and remains on track for the full year."
Saga reported GBP569.5 million in net debt as of May 31, down from GBP622.7 million one year prior.
The company's Ocean & River Cruise business had booked load factors for the first half at 95%, ahead of 93% at the same point last year and "alongside growing per diems", in "another strong start to the year".
Booked revenue for its Holidays business has increased 14% on-year and passenger numbers increased 13%.
Saga also said the Insurance Underwriting business continues to trade in line with expectations, and its sale to UK subsidiaries of Belgian insurance firm Ageas SA/NV "is progressing well and remains on track to complete by July [31]". The Insurance Broking business is also "trading in line with expectations" and its planned two-decade partnership with Ageas is on track for the fourth quarter.
"I am pleased to report that Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations," commented Chief Executive Officer Mike Hazell. "Looking ahead, we are focussed on continuing to grow our Travel and Money businesses, while successfully transitioning to our new simplified Insurance model.
"We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this."
Shares in Saga were trading 0.3% lower at 171.01 pence on Tuesday morning in London.
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
SagaNatwest