Saga, the U.K. provider of specialized products for consumers over the age of 50, announced that it anticipates surpassing market estimates for fiscal 2024. The company recently reported a narrower pretax loss of £77.8 million for the first half of the year, compared to a restated pretax loss of £261.8 million in the same period last year. This improvement can be attributed to a decrease in impairment of insurance broking goodwill.
Despite a slight decline in underlying pretax profit under previous accounting standards, Saga saw a rise in revenue to £355.3 million, primarily driven by the growth of its cruise and travel businesses. Chief Executive Euan Sutherland expressed confidence in the future, stating that the company is closely monitoring its costs and expects to achieve significant double-digit growth in revenue and underlying profit, surpassing market estimates.
Furthermore, Saga announced a change in leadership, with Mike Hazell set to replace James Quin as chief financial officer. Quin, who held the position at the London-listed group, will step down to pursue a portfolio career. Hazell, previously serving as interim CFO at the Co-op Group, will join Saga on October 9. With these strategic moves and positive financial results, Saga is positioning itself for continued success in the coming years.