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26 Jan 2021 | 08:08

Saga expects FY pre-tax profits despite Covid-19 impacts

(Sharecast News) - Over 50's specialist Saga said on Tuesday that it expects to report a full-year underlying pre-tax profit despite Covid-19 related challenges. Saga said its insurance business performance continued to be resilient, with motor and home policy sales up 1% year-on-year and a total of 596,000 three-year fixed price policies sold, representing over 60% of direct new business sales.

The FTSE 250-listed firm added that its travel business was "well-positioned to resume operations", with retention rates remaining high at 69% in cruise operations and 41% in tour operations.

Saga also added that its liquidity position remained strong, with total available cash of £51.0m at 31 December.

Chief executive Euan Sutherland said: "We have made good progress in delivering our new strategy and have accelerated the pace of change at Saga, against the backdrop of the challenges that the COVID-19 pandemic has brought to our business.

"We are excited about the opportunities ahead as we focus on delivering more exceptional experiences for our customers."

As of 1000 GMT, Saga shares were down 1.22% at 274.41p.
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