Saga Group to lift contemporary capital in wake of Covid-19 losses | Information

Saga Group has reported a lack of £55 million for the six months to the top of July as the corporate battles the fallout from the Covid-19 pandemic.

The determine included a £60 impairment cost associated to the outbreak.

In response, the insurance coverage and journey group has introduced it’ll elevate £150 million in contemporary fairness.

Saga mentioned the transfer would permit the corporate to cut back leverage and considerably steadiness sheet dangers.

Euan Sutherland, Saga Group chief government, defined: “Saga has made important progress within the first half.

“By way of this yr our priorities have been serving our prospects and preserving colleagues secure throughout a interval of main disruption and additional strengthening our monetary place.

“Whereas taking decisive motion to react to the Covid-19 outbreak, we’ve got additionally continued to make progress in our companies.

“That is clearly proven in Insurance coverage with the success of our three-year fixed-price product and our Covid-19 journey insurance coverage product, and in cruise by the upcoming arrival of our second new ship, Spirit of Journey.”

He added: “We have now carried out a complete assessment of technique and have developed a plan which we imagine will strengthen our model, enhance our deal with our prospects, ship distinctive experiences for them, and return each our insurance coverage and journey companies to development.”

Saga argued the capital elevating, supported by contemporary funding from former chief government Roger De Haan, would rebuild monetary energy.

“Saga is a proud British enterprise, with a powerful model, loyal prospects and nice individuals and we’re excited in regards to the alternatives forward.

“With our strengthened monetary place and a refreshed technique, we anticipate to be nicely positioned to unlock all of the potential in Saga, returning the enterprise to sustainable development and creating important long-term worth for all our traders,” concluded Sutherland.

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