RE: Results23 Mar 2022 07:24
Cruise Underlying Loss Before Tax1 of £47.7m, within our guided range of £45-50m.
· External environment remains challenging but bookings for 2022/23 remain strong with a load factor of 73% and per diem of £319 for the full year, as at 20 March 2022.
· Achieved exceptional levels of customer satisfaction within Cruise of 9.1 out of 10.
Tour Operations
· Began the restructure of Tour Operations to deliver growth and create a lower-cost, more agile, customer-focused business.
· Secured 2022/23 bookings of £132m at 20 March 2022, 30% below the same point two years ago, with customer confidence still impacted by the pandemic but expected to recover over the course of this year.
· New hotel stays proposition to be launched later this year.
Wider strategic progress
· Relaunched our brand through three new television adverts and refreshed websites, promoting 'Experience is Everything'.
· Brand net promoter score increased to 49, an increase of 5pts from 31 January 2021, reflecting improvements within our Insurance and Personal Finance businesses.
· Improved colleague engagement score to 7.7 out of 10 with participation rate of 93%.
· First major UK business to offer Grandparents' Leave, offering up to one week's leave per year for the birth of a new grandchild.
· Acquisition of The Big Window Consulting Limited, a market research business with a particular emphasis on the ageing process, further supporting our focus on deep customer insight.
Euan Sutherland, Saga's Group Chief Executive Officer, said:
"Over the last year, Saga has delivered a resilient performance, whilst laying the foundations for future growth. During 2021/22, we reduced our debt, strengthened our financial position and relaunched the brand. The Insurance business delivered a robust performance with the second year of policy growth after several years in decline, whilst in Travel, we resumed operations, secured positive Cruise bookings for 2022/23 and began the restructure of our Tour Operations business.
"This performance is a testament to the resilience and determination of our wonderful colleagues, and I would like to thank them for their hard work and dedication through what has been a challenging period.
"Looking to the future, I am both confident and excited about the opportunities ahead of us as we emerge stronger from the pandemic than we went in, whilst remaining mindful of the current challenging external environment. Against this backdrop, we are now looking to convert the foundations laid over the past two years into sustainable growth and are further evolving our strategic approach. Our growth plan will see us focused on maximising our existing businesses, reducing our debt while step-changing our ability to scale the business and positioning Saga as 'The Superbrand' for older people. We already have a strong brand, management team and financial position - all the tools required to return the business to sustainable gro
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