Saga sales soar thanks to rebound in demand for cruises and holidays

Revenues at Saga are soaring thanks to a rebound in demand for cruises and holidays.

The over-50s group said sales have been boosted by the bounceback in demand for getaways since the lifting of pandemic restrictions, with the group pencilling in a revenue rise of between 40 per cent and 50 per cent on last year’s £377.2million.

But the holidays-to-financial services firm confirmed a tougher year for its insurance arm after seeing a 3 per cent drop in policy sales and its underwriting business being hit by surging claims costs. 

The woes in its insurance division saw it warn over profits last autumn. 

It slashed its outlook for full-year pre-tax profits to between £20million and £30million, down from the £35million and £50million for the previous year’s guidance.

Saga said its travel business was set to see revenues increase tenfold from the previous year. Bookings for cruises and touring trips for 2023-24 are strong, it added.

Euan Sutherland, chief executive, said: ‘Overall, we are well-placed to continue our growth.’