Saga Cruises, the boutique deep sea and river cruise operator in the Saga plc group, has reported a slightly wider loss for 2021 than the previous year and noted that bookings are strong despite challenges in the environment.

Pre tax loss of Saga Cruises widened to £47.7 million from £41.6 million in the previous year, with higher financing cost following the delivery of a second deep sea newbuilding cruise ship in October 2020, the company said in a statement.

“Cruise generated positive EBITDA and cash in the second half, with a load factor of 68% and per diem of £299, despite pandemic-related operational challenges. External environment remains challenging but bookings for 2022/23 remain strong with a load factor of 73% and per diem of £319 for the full year, as at 20 March 2022,” the company said.

Saga Cruises was EBITDA positive for the second half, and cash positive for the full year, which the parent company believe puts it in a much better position than many of our, often much larger, competitors. 

“The higher loss of the Cruise business compared with the prior year was mainly due to increased financing costs following delivery of our second ship in October 2020 and return to service costs in the first part of 2021, partially offset by much improved results following the resumption of trading from the end of June,” Saga said.

The group offers travel and financial services to those over the age of 50.