Member Info for zccax77

The Group has also entered into discussions with interested parties in relation to a potential disposal of the Lichfield distribution centre. Any potential transaction remains subject to negotiation, due diligence and contract. Accordingly, no adjustments to the financial statements have been recognised at the balance sheet date.

We are 100% hedged against our current foreign exchange risk for both 2026/27 and 2027/28, and 100% and 75% hedged for oil commodity risk respectively.

Refinancing needs to happen 1 year before the maturity date in order to get a clean audit opinion, otherwise there is a going concern risk.

Their holiday business is not material and will contribute maybe 10-15m to net income, and their cruise business goes nowhere near that region.

Considering their cruise product has a 35-40% Ebitda margin, I am not sure oil is a major cost; maybe 6-7% of topline at most.

Imagine the per diems going upto £600 in the next few years.

Also don't forget the change of control clause on the debt. Why would they refinance if he were planning on taking private?

Did you manage to get back in?

£400 is still too low. Their average should be £500.

I trade with Halifax and my trades usually show up at the end of the day or the next day.

Hiscox is a specialty insurer, not remotely similar to what saga do.

Just listen to the results on YouTube. The CEO and CFO are deluded. The board make more from this business than shareholders.

This should be atleast £10, long way to go.

I think ocean cruise should make atleast £65m this year. River cruise between them should make aleast £20m PBT. It is very difficult to work out what insurance will bring in bearing in mind this is a transitional year.

In 26/27, the £30m is not an underlying item, but yes I still think they will bring in £100m underlying profit or at worse £80m.

In 27/28, I agree with you £100m should be easily achievable if not significantly more. I think the insurance business will really shine in this year since their arrangement with Ageas would have fully bedded down.

Rupans,

What they sold to Ageas is their underwriting book comprising mainly loss reserves and unearned premiums through a part-7 transfer on a run-off basis. The £10m was a dividend from earned loss reserves and the £7m is just a increase in net assets due to the decrease in underwriting loss reserves. Historically their broking margins went down due to the underwriters pricing business too high, since the reverse seems to be happening now I expect the broking margins to be slowly increasing.

The £17m also indicates that the insurance business is also improving in terms of profitability. This is very bullish going forward

£8.7bn of revenue and only £108mn of PAT, what a great business.

Even our friend from Dubai adding!

Rupans when did you accumulate 1.6%?

Rupans, do you think £48m is a sufficient rate of return on two ship assets which have a fair value of £1bn if they were to be ordered today?