Saga Cruises, which is the cruise unit of the UK based insurance to travel services provider Saga plc, has reported a loss for the first half of the year due to ongoing transformation of the business.
The cruise business of the group reported an underlying loss of £3.4 million in January-June compared to a profit of £4.7 million in the same period last year. “This is due to the sale of Saga Pearl II and a consequent short-term reduction in revenue, as well as training, launch, marketing and finance costs supporting the Spirit of Discovery,” the company said in a statement.
Spirit of Discovery was delivered on time and on budget, embarking on its maiden voyage in July. “Cruise bookings for 2019/20 for the Spirit of Discovery and for 2020/21 for the two new ships reflect strong demand generation and support the Group's target of £40m EBITDA per ship,” the company said.
Spirit of Adventure, the second of the line’s newbuildings, is due to enter service next year from the Meyer shipyard in Germany.
