Saga plc, the UK based and listed company that sells ravel and financial services to those over the age of 50, says its cruise business is developing well and the 2024/25 ocean cruise programme had met record demand at launch.

 “Four months into the financial year, we have continued to build on the momentum in our Cruise and Travel operations, while making further progress in our growth agenda through the development of our newer businesses. Year-end underlying profit is expected to be well ahead of the prior year,” Euan Sutherland, Saga Group Chief Executive Officer, said in a statement.

 The group’s financial year ends ion 31 January 2024. It has two high end of the market deep sea cruise ships and it also operates two owned and a number of chartered river cruise vessels.

 "We have taken strong bookings for our ocean cruises with a load factor that is ahead of the same point in the prior year, and our River Cruise and Travel businesses are on track to return to profitability in line with previous guidance,” Sutherland said.

The booked Ocean Cruise load factor for 2023/24 at 18 June 2023 was 79%, seven percentage points ahead of the same point last year. At the same date, the per diem was £338, which was six percentage points ahead of the same time in 2022. 

• The full year load factor projection is in line with previous guidance of at least 80% and we remain on-track to deliver £40 million EBITDA per ship (excluding overheads). Due to expected seasonality in the late summer, this will be weighted towards the second half of the year. 
• The launch of the 2024/25 Ocean Cruise season was the strongest on record, already having secured a booked load factor of 34% and per diem of £342 at 18 June 2023.
• The booked River Cruise load factor for 2023/24 at the same date was 74%, with a per diem of £293. This equated to revenue of £39 million, which was 37% ahead of the same point in the prior year.