The Saga PLC (LON: SAGA) share price rose 7.91% after the company that caters to the travel and cruise needs of people over 50 released the financial results and operations update from 1 February 2023 to 19 June 2023.
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The company revealed four business divisions, Travel, Cruise, Money and Media, which were all doing well. The company reported that its booked Ocean Cruise load factor for 2023/24 as of 18 June 2023 was 79%, 7ppts ahead of a similar period last year. Furthermore, the per diem was £338, 6% ahead of a similar point in 2022.
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Saga expects its full-year cruise load factor projection to align with previous guidance of at least 80%, and we remain on track to deliver £40 million EBITDA per ship (excluding overheads). The load factor will be weighted towards the year’s second half due to the expected seasonality in late summer.
The company that caters to people over 50 recorded its most robust launch of the 2024/2025 Ocean Cruise season, having already booked a load factor of 34% and per diem of £342 as of 18 June 2023.
The booked River Cruise load factor for 2023/24 at the same date was 74%, with a per diem of £293. This equated to revenue of £39m, 37% ahead of the same point in the prior year.
The company’s travel business is on track to return to an Underlying Profit Before Tax for the second half and full year, in line with previous guidance.
Euan Sutherland, Saga Group’s CEO, commented: “Four months into the financial year, we have continued to build on the momentum in our Cruise and Travel operations while making further progress in our growth agenda through the development of our newer businesses. Year-end underlying profit is expected to be well ahead of the prior year.
“We have taken strong bookings for our ocean cruises with a load factor that is ahead of the same point in the prior year, and our River Cruise and Travel businesses are on track to return to profitability in line with previous guidance.”
*This is not investment advice.
Saga share price.
The Saga share price rose 7.91% to trade at 139.85p, from Monday’s closing price of 129.60p.
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