Saga Reports Results with Significant Growth in Cruise – Cruise Industry News

Saga has announced its interim results for the six months ending 31 July 2024, revealing strong performance across key business segments, the company said in a statement.

Saga’s Ocean Cruise business reported an Underlying Profit Before Tax of £28.0 million, more than double last year’s £12.9 million. 

Revenue increased by 17 percent to £121.5 million, aided by a 90 percent load factor, 7 percentage points higher than last year, and a per diem that rose 9 percent to £362. 

Consequently, Ocean Cruise Trading EBITDA (excluding overheads) reached £55.8 million, or £27.9 million per ship, surpassing the Group’s £40.0 million annual target.

River Cruise also saw strong results, with an Underlying Profit Before Tax of £2.9 million, up 93 percent from the previous year. Revenue grew by 13 percent to £26.4 million, backed by an 86 percent load factor and a per diem of £340, both higher than last year.

Saga’s Travel division continued its recovery, achieving a small underlying profit compared to the loss in the first half of the previous year.

Mike Hazell, Saga’s group chief executive officer, said: “Saga made significant progress in the first half of the financial year, with Ocean and River Cruise delivering exceptional growth, while we continued to position the Group for long-term success through the exploration of potential partnership opportunities.

“The Group delivered an Underlying Profit Before Tax1 that increased more than threefold when compared with the same six months in the prior year and we reduced Net Debt1 by £42.8m over the same period. In line with our debt reduction plans, we also repaid our £150.0m senior unsecured bond in May.

“Ocean and River Cruise had an excellent start to the year, with load factors and per diems, across both businesses, well ahead of the same period last year. Travel also continued to grow, delivering a small Underlying Profit Before Tax1 compared with an Underlying Loss Before Tax in the first half of the prior year.: