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Saga profits rise on back of ‘solid performance’
Saga saw a small rise in profit for the first half of the year, despite lower revenue.
In the six months to the end of July, pre-tax profits were up 3.2% to £109 million.
The group, which sells insurance as well as holidays, said its travel division delivered a ‘solid performance’, but underlying profits were flat.
Looking ahead, Saga said its ability to win new customers gives it confidence for the future.
CEO Lance Batchelor said: "At the end of last year, we announced our intention to invest in new customer acquisition. I am pleased to report significant progress in the first half of the year.
"Travel has delivered a solid performance and we are seeing encouraging demand for our new ship, Spirit of Discovery, in line with our ambitious plan. Construction is on track, with keel laying this summer, ahead of her maiden cruise next year.
"The group is benefiting from lower operating expenses across the business, reflecting a more efficient operating structure and investment in our IT systems."
Shares in Saga were up 0.5% this morning at 126.60 pence each.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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