Saga PLC anticipates impressive revenue growth for fiscal 2024, as its cruise and travel businesses rebound and become profitable again. However, its insurance division continues to face challenges due to inflationary pressures and declining policy volumes.
According to the U.K. provider of financial and travel services for the over-50s, the company is on track to achieve a revenue growth ranging between 10% and 15% until January. Additionally, Saga PLC foresees more than doubling its underlying pretax profit from the previous year’s £21.5 million ($27.3 million).
Looking ahead to fiscal 2025, the London-listed group highlights the positive momentum at Ocean Cruise, stating that it is approaching optimal capacity. Furthermore, Saga PLC reports that its River Cruise has a higher booked load factor compared to the previous year.
Chief Executive Mike Hazell expects these trends to continue across their business in the upcoming year. The cruise and travel sectors have already shown robust bookings for the new seasons, indicating overall progress. However, the insurance segment still faces ongoing challenges.