RNS7 Apr 2021 08:07
Financial and operational highlights
· Underlying Profit Before Tax of £17.1m, against the backdrop of COVID-19 challenges
· Loss before tax of £61.2m reflecting £59.8m impairment of Travel goodwill in the first half
· Strong liquidity position, with total available cash of £75.4m and undrawn revolving credit facility (RCF) of £100m at 31 January 2021
· Strengthened balance sheet and improved financial resilience as a result of decisive actions taken over the last 12 months, including successful £150m capital raise in September 2020, recent review of covenants attached to term loan and RCF, and further deferral in relation to ship facilities
· Leverage ratio (excluding Cruise) of 2.7x, well within the covenant of 4.75x
· Robust response to COVID-19 challenges, with tight grip maintained on business: colleagues supported through the transition from office to home working, with no interruption to business; Travel reset and ready to operate once restrictions lifted; Insurance clearly focused on supporting customers through pandemic
· Positive progress made against all five pillars of the strategy outlined in September 2020, designed to return Saga to sustainable growth