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(Alliance News) - Saga PLC on Thursday reported a widened loss and reduced revenue in its recent financial year and warned of "uncertain" trading conditions due to the global spread of Covid-19 since then.
Saga, which provides products and services for life after 50, saw its pretax loss more than double to GBP300.9 million from GBP134.8 million during the year ended January 12.
Revenue shrunk by 5.2% to GBP797.3 from GBP841.5 million.
The company also reported GBP383.0 million in impairment charges, up 24% from GBP310 million in the year prior.
Saga's full-year results were delayed by a week following a general request from the UK's Financial Conduct Authority.
On Thursday last week, the company said it has suspended its dividend due to the virus outbreak.
Due to there being no second-half payout, its dividend for the year was 1.3 pence per share, down 68% from 4.00p.
Chair Patrick O'Sullivan said: "We have been focused on protecting our financial position to ensure we have the resources to see us through this year, should the current crisis persist that long. The board has taken action to preserve cash as we move through this year and has made the decision to suspend dividend payments until further notice."
In March, the company also halted cruise ship operations until May 1.
O'Sullivan added on Thursday: "The current environment is making the future highly uncertain, but it is clear that with our strong brand and re-vamped Insurance business, we have the resources to weather the current crisis and to emerge from it stronger."
Saga shares were 5.7% higher at 17.05p each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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