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https://www.carlyle.com/sites/default/files/case-studies/Butterfield_CaseStudy.pdf
Almost all south american countries are red, places like Colombia and Equador have a lower covid fatality rate than the UK since they now have 60%+ vaccine roll-out. Somehow I think this is political or they are afraid of the mu strain.
I think the issue with the UK is the government policies around pumping the housing market since you canny lose with bricks and mortar, whilst in the US they are far more focused on pumping everything.
I find EBITDA to be a good proxy for cashflow, per page 40 of the R&A the EBITDA for tours appears to be -32.9m for the 12m eneded Jan 2021. Therefore cashburn of about circa 3m per month. so over the last last year they have burnt GBP48m (16months*GBP3m) on their tour business.
https://www.corporate.saga.co.uk/media/1378/saga-annual-report-2021.pdf
Banbury I really cannot see how you get your cash burn figure for travel. Per their segmental on page.36 it is GBP36.9m.
https://www.corporate.saga.co.uk/media/1378/saga-annual-report-2021.pdf
Banbury - The 2% reduction in premiums. Is this a 2% reduction in volume of policies underwritten or a 2% reduction in monetary terms? Without actual GBP numbers is it hard to tell. One positive is that their brokerage revenues at 74GBP remains constant.