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. 

Bookings up: Saga said sales have been boosted by the bounce-back in demand for holidays since the lifting of pandemic restrictions

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.’