Saga sales soar thanks to rebound in demand for cruises and holidays
>
Saga sales soar on the back of a resurgence in demand for cruises and vacations since the lifting of pandemic restrictions
Revenues at Saga are booming thanks to a revival in demand for cruises and vacations.
The over-50s group said sales have been boosted by the resurgence in demand for outings since the lifting of pandemic restrictions, with the group recording sales up between 40 and 50 per cent on the £377.2 million of last year.
But the vacation-to-financial service provider confirmed a tougher year for its insurance arm after a 3 percent drop in policy sales and its insurance business hit by rising claims costs.
Bookings up: Saga said sales have been boosted by the uptick in holiday demand since the lifting of pandemic restrictions
Due to the misery in its insurance division, it warned of profits last fall.
It cut its full-year pre-tax profit outlook to between £20m and £30m, down from the £35m and £50m for the previous year’s forecast.
Saga said its travel business is growing revenue tenfold over the previous year. Cruise and tour bookings for 2023-24 are strong, it added.
Euan Sutherland, chief executive, said: ‘Overall we are well placed to continue our growth.’