UK's Saga forecasts annual profit jump on strong cruise, insurance demand

By Reuters News

Sept 30 (Reuters) - Saga SAGA.L, a British over-50s holiday and insurance group, on Wednesday forecast materially higher annual profit and said it could meet its medium-term targets ahead of schedule, helped by strong demand for its cruises, holidays and travel insurance.

  • The company expects full-year underlying profit before tax in the range of £65 million ($86.14 million) to £70 million, compared with £44.2 million reported last year

  • The company said it expects to log at least £100 million of annual underlying profit before tax ahead of its January 2030 target

  • Saga, however, flagged second-half risks from low European river levels and disruption linked to the Middle East conflict

  • Saga has streamlined its operations in recent years, exiting insurance underwriting through the sale of Acromas Insurance Company to Ageas AGES.BR

  • It also adopted a capital-light model focusing on customer ownership and distribution, while Ageas handles underwriting and claims

  • Saga's underlying pretax profit rose 98% to £23.5 million for half-year period ended July 31

($1 = £0.7546)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.