Saga Says Cash Burn in Travel Business for Feb-May at Lower End of Guidance

By Anthony O. Goriainoff

Saga PLC said Monday that cash burn at its travel business for the four months ended May 31 was at the lower end of its previous guidance of seven million to nine million pounds ($9.9 million-$12.7 million) a month, and that subject to government restrictions the business is due to restart June 27.

The U.K. provider of specialized products for consumers over 50 said that it has retained 73% of canceled cruise bookings, and that sailings through the end of September are experiencing an exceptionally high demand. Customer retention in its tours business remained stable at 42%, the company said.

Saga said bookings were also strong, with 60% of the revenue target for 2021-2022 achieved, and 27% for 2022-2023, a period that is ahead of pre-pandemic levels.

The company said that although motor and home policy sales for the period were 2% behind the same point last year there were early indications of…

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