In a trading update, the Saga Group said that its ocean cruise sector continued its strong performance.
Cruise achieved a 91% load factor, up three percentage points from the previous year, and a per diem of £358, representing an 8% increase.
River cruise also saw growth, with an 89% load factor, four percentage points higher, and a per diem of £327, up 15%, during the period from 1st August, 2024, to 29th January, 2025.
The Group said it anticipates underlying profit before tax to be slightly higher than the previous year on a like-for-like basis, exceeding prior guidance.
Travel is expected to report underlying profit before tax in the high single-digit millions, compared to £1.5 mill last year, supported by 15% revenue growth and a 9% increase in passenger numbers.
“Throughout the last financial year, we made significant operational and financial progress,” said Mike Hazell, Saga Group’s CEO (pictured).
Available Cash as of 31st January, 2025, is projected at £60-70 mill, excluding the £50 mill undrawn revolving credit facility and £10 mill undrawn portion of the facility provided by Roger De Haan.
Net Debt as of the same date is expected to be slightly lower than £614.6 mill, as reported on 31st July, 2024.
Looking ahead to 2025/26, the ocean cruise booked load factor is 67%, a 1% increase from the same point last year, with a per diem of £393, up 7%.
River Cruise has a booked load factor of 77% for 1H25, compared to 74% last year.
The introduction of a new ship, ‘Spirit of the Moselle’, in July, 2025 is expected to further support growth for the full year, the booked load factor is 55%, down from 59% last year, with a per diem of £357, compared to £335 previously.
Travel booked revenue stands at £126 mill, 10% higher than last year, with passenger numbers up by 11% to 39,000.
“As we look ahead, we expect the momentum to continue to build in our cruise and travel businesses. As previously outlined, we anticipate that Insurance Broking earnings will fall in the short-term, ahead of the start of the partnership with Ageas, but are pleased that work on the transition is on track to allow the new arrangement to go live 4Q25.
“We remain focused on Saga being the largest and most trusted brand for older people in the UK, continuing to drive growth, reducing debt, growing our customer base and deepening the connections we have with our customers,” Hazell said.
