The cruise operations of Saga plc, the UK based company that offers a wide range of services to those over the age of 50, have reported strong performance in the 12 months to 31 January 2023.

The company operates two high end of the market ocean cruise ships and seven river vessels.

Euan Sutherland, Saga's Group Chief Executive Officer, said in a statement:"Our Ocean Cruise business continued to see strong customer demand and bookings for 2023/24 are on track to meet our targets. In Travel, bookings are significantly ahead of the same point last year and that business will return to profit this year.”

·      Ocean Cruise reported an Underlying Loss Before Tax of £0.7m for the full year but with considerable improvement in the second half, when the business reported an Underlying Profit Before Tax¹ of £6.2m.

·      Ocean Cruise revenue, of £168.3m, was more than 100% ahead of 2021/22, supported by a full year load factor of 75% and per diem of £318. This compares with 68% and £299 in the prior year.

·      Ocean bookings for 2023/24 are strong, representing a load factor of 72%, and per diem of £339 at 26 March 2023. This places us on track to achieve our target of £40m EBITDA (excluding overheads) per ship.

·      River Cruise business reported revenue of £28.8m compared with £1.7m in the prior year, and an Underlying Loss Before Tax of £5.1m.

·      River Cruise bookings for 2023/24 are very positive with the number of booked guests 23% ahead of the same point last year, reflecting a load factor of 63% and per diem of £298 at 26 March 2023.

·      Customer satisfaction across both Ocean and River Cruise remains exceptional at 9.0 and 8.2 out of 10, respectively at 31 January 2023, the company said.