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Saga to raise cash as losses sink to £55m
Saga is to raise £150 million as it looks to stabilise the business amid the on-going Covid crisis.
The capital raising came as the company reported a half year loss of £55.5m.
Saga said the cash injection is ‘designed to ensure that Saga is well positioned to strengthen the business in the short term, against the backdrop of the Covid-19 outbreak and the continued suspension of Saga’s Travel businesses’.
A strategic investment of £100 million will be made by Sir Roger De Haan, the former Chief Executive of Saga and the son of the company’s founder.
Saga Chief Executive Euan Sutherland said: "We have conducted a comprehensive review of strategy and have developed a plan which we believe will strengthen our brand, improve our focus on our customers, deliver exceptional experiences for them, and return both our Insurance and Travel businesses to growth.
"The Capital Raising, supported by Sir Roger De Haan’s cornerstone investment, will allow us to build on our actions to date by enhancing our resilience and financial strength."
The company said Saga Holidays and Titan combined bookings for 2021/22 are ahead of the same time last year by 5.6% and 8.4% for revenue and passengers respectively.
Around 65% of bookings for next year are customers rebooking holidays cancelled in 2020, the firm said.
Cruise bookings for 2021/22 are lower than the same point last year by 7.7% and 10.0% for revenue and passenger days respectively due to an earlier brochure launch. It also said there was a ‘deliberate delay’ to marketing activity.
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