Saga Group has released a trading update ahead of its Annual General Meeting on Tuesday, June 25, at Numis Securities in London.

The update covers the period from February 1 to June 24, 2024.

Mike Hazell, chief executive officer of Saga Group, said: “Saga has made a good start to the new financial year. Our Ocean Cruise business has traded exceptionally well and, in Insurance, we have continued to take actions within a market which remains challenging. Looking ahead, we are focused on driving sustainable business growth in a capital-light way, while growing our customer base and deepening our connections with those customers.”

Highlights include:

• The Group has traded in line with expectations for the first four months and remains on track for the full year.
• The Ocean and River Cruise businesses have started the year strongly, with booked load factors at 83 percent and 78 percent, respectively, and increasing per diems.
• Booked revenue 14 percent up, on a higher number of passengers.
• The Group repaid the £150m senior unsecured bond maturing in May 2024 using Available Cash and £75m from Roger De Haan’s facility.