Saga plc, the UK based company that offers cruises, other holidays and e.g. financial services to those over the age of 50, said its cruise operations are developing according to plan and its cruise revenues would more than double in the 2022/23 financial year that will end on 31 January.

"For the second half of the year, as impacts from the pandemic lessened and customer demand continued to build, we expect to report an ocean cruise load factor of around 84%,” the company said in a statement. 

“When combined with the 66% reported for the first half, this results in a full year load factor of around 75% which is in line with guidance and a significant increase when compared with 68% for the prior year,” Saga said. 

It noted that the per diem, for the full year, is expected to be around £318 which is also significantly ahead of the prior year. These two factors, when combined, equate to year-on-year revenue growth for 2022/23 in excess of 100%.

Bookings for 2023/24, at 22 January 2023, are strong, reflecting a load factor of 60% and per diem of £337.

The company also offers river cruise which will be reported as a component of the Cruise business for its full year results and, for 2022/23, river cruise is expected to report a small loss before tax, Saga said.