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(SAGA) Share Chat

Discussion in 'General Share Chat' started by Groucho, Jun 11, 2019.

  1. Groucho

    Groucho Member

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    20 February 2020

    Saga plc

    Notice of results


    Saga plc will announce its preliminary results for the year ended 31 January 2020 on Thursday 2 April 2020.

    A presentation will be held for analysts and investors on Thursday 2 April 2020 at 9.00am (GMT) at the offices of Numis Securities, 10 Paternoster Square, London, EC4M 7LT. Analysts and investors interested in attending or receiving dial-in details for the conference call should contact Headland Consultancy on 020 3805 4822 or saga@headlandconsultancy.com.

    ENDS
     
  2. Groucho

    Groucho Member

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  3. Groucho

    Groucho Member

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    5 March 2020

    Saga plc

    ("Saga" or "the Group")

    Sale of Patricia Whites and Country Cousins & Trading Update

    Sale of Patricia Whites and Country Cousins

    Saga announces it has completed the sale of Patricia Whites and Country Cousins for an enterprise value of £14m to Limerston Capital. Patricia Whites and Country Cousins are introductory care agencies.

    This is consistent with the stated objective to reduce leverage and simplify the business through the disposal of non-core assets.

    As at 31 January 2020, and based on unaudited financial information, the Group's net short-term bank debt was around £110m, reduced from £148m as at 31 July 2019. Since the end of January, the Group has announced two disposals which are expected to generate net cash proceeds of around £37m in the first half of this year. The cash from disposals will be used to further reduce short-term bank debt.

    Trading in February

    Saga is closely monitoring the evolving situation with respect to COVID-19 and our focus is to ensure customers, guests and colleagues are safe and reassured in all circumstances. We have taken significant steps to safeguard everyone and will continue to do so throughout this time.

    Saga has seen a robust start to trading in our Insurance business with both the Retail Broking and Underwriting businesses trading as expected. The Insurance business continues to make good progress in execution of the strategy set out last April.

    Trading in the Travel business has been impacted by recent developments surrounding COVID-19.

    For our Cruise business, bookings until recently have been very strong, with forward sales for the current year of 80% of the full year revenue target as of 29 February. The remaining 20% of our full year revenue target is weighted towards Q3 and Q4 2020 cruises. While we have seen a higher level of cancellations for departures in the near-term and more generally a lower level of bookings for departures further out, our two most recent departures had load factors of around 80%. The Cruise business continues to only depart and return to UK ports and we have flexibility on destinations visited.

    Our Tour Operations businesses have experienced an increase in cancellations and suppressed demand in line with the industry. Forward passenger bookings for 2020/21 were down around 20% versus the prior year, with a more significant impact in recent weeks. However, given our relatively low level of cost commitments and lower exposure to Northern Europeand Far East destinations we are able to react to changes in demand and flex elements of our cost base for the remainder of the year.

    Outlook

    The evolution of COVID-19 and the impact this will have on full year earnings for 2020/21 cannot be predicted with any certainty at the current time. While our Travel business will be impacted, the Group expects the performance and cash generation of the Insurance business to be largely unaffected. There are a range of actions the Group can take to mitigate against weaker trading in the Travel business, such as the cost efficiency actions already underway and announced in the recent trading statement.

    The Group will provide a full update with full year results for the year ended 31 January 2020 on 2 April 2020 and reiterates that underlying profit before tax is expected to be in line with expectations.
     
  4. Groucho

    Groucho Member

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    13 March 2020

    This announcement contains inside information

    Saga plc

    ("Saga" or "the Group")

    Update in relation to travel advice from the Government

    Saga notes the updated travel advice from the Government which advises people aged 70 and over and those with pre-existing health conditions against cruise ship travel at this time.

    The health and safety of customers and colleagues is our number one priority. We have, therefore, made the decision to temporarily suspend operations of our Cruises until 1 May 2020. Our customer service teams will be in contact with Cruise customers who were due to travel in the next six weeks to offer them either a full refund or a credit for a future departure.

    Demand for our Cruises has been very positive, with bookings of around 80% of the full year revenue target. While cancellations had increased in recent weeks, as of 11 March 2020, the average booked load factor for the remaining five Cruise departures in March was 79% and the average booked load factor for five April departures was 85%.

    Financial impact

    It is estimated that a cessation of Cruise trading for the next 6 weeks will reduce Cruise profit before tax by between £10m and £15m. Related advance customer receipts for this period are £22m.

    While the travel environment remains uncertain, the Group continues to have significant available liquidity, underpinned by a £100m undrawn revolving credit facility, £33m of cash at the end of February and the strong cash generation of the Insurance business. As previously noted, the insurance business is not expected to be significantly impacted by COVID-19 and has had a good start to the current financial year. The two disposals recently announced are also expected to generate an additional £37mof cash proceeds in the first half.

    There are a range of further mitigating actions the Group will take including additional cost efficiencies and reducing discretionary spend.
     
  5. Groucho

    Groucho Member

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    2 April 2020

    Saga plc


    Unaudited trading update and assessment of the impact of COVID-19

    Saga plc ("Saga" or "the Group"), the UK's specialist in products and services for life after 50, announces a trading update for the 12 months ended 31 January 2020 and an updated assessment of the potential impact of COVID-19


    Trading update for the 12 months ended 31 January 2020

    · Underlying Profit Before Tax expected to be £110m, in line with the target range of £105m to £120m.

    · Debt ratio (excluding Cruise) of 2.4x, with £109m of short term net bank debt.

    · Good progress against the business priorities set in April 2019 and positive momentum in the cash generative Insurance business.

    · 320,000 three-year fixed-price policies sold and 57% of new business volumes written on a direct basis. Saga branded policies down 3% due to discipline in new business pricing, gross margins at £74 per policy.

    · Successful launch of Spirit of Discovery; financial performance in the first six months of operation was consistent with a full year objective of £40m of EBITDA. As at 31 January 2020, forward Cruise bookings for 2020/21 were at 80% of the full year target, ahead of internal expectations.

    · Projected Insurance cash flows are broadly unchanged from the prior year, however Insurance goodwill to be impaired by £370m primarily relating to an increase in the post-tax discount rate from 8.55% to 10.7%. This is due to updated external inputs, including the Group's share price in January 2020.

    · Audited results for the year ended 31 January 2020 and the 2019/20 annual report are expected to be published on 9 April 2020, a week later than initially planned, following the request by the Financial Conduct Authority to observe a moratorium on the publication of results statements.

    · Dividend to be suspended.

    Updated assessment of the potential impact of COVID-19

    · Strong progress from largely unaffected Insurance business underpins cash flow and profitability.

    · Saga moved rapidly to full home working with over 2,300 colleagues enabled:

    - Insurance capabilities are working well, with excellent call answer rates across our customer services and sales teams.

    - Travel operations have successfully repatriated almost all customers and are supporting rebooking efforts across Tour Operations and Cruise.

    · Given the significant potential impact of COVID-19 on the travel industry, the Group has considered scenarios for extended suspension of Cruise and Tour Operations, including full cancellation of all travel departures over six months, followed by a slow recovery.

    · Based on this analysis, the Group has taken action to protect its balance sheet and increase near-term liquidity by:

    - A precautionary £50m draw down of the revolving credit facility, with available cash resources at the end of March of £92m;

    - Reducing operating expenses, with run rate cost savings of £15m from actions that were implemented in February. This will be partially offset by an expected £10m of redundancy costs in the current year. Further mitigating actions are underway in response to the COVID-19 crisis in relation to the Travel business;

    - Suspending the dividend; and

    - Agreeing amendments to banking covenants, with the net debt to EBITDA (excluding Cruise debt and EBITDA) covenant within the Term Loan and RCF increasing to 4.75x from 3.5x for reporting periods from 30 July 2020 to 30 April 2021, and to 4.25x at 30 July 2021.

    · Saga has strong liquidity and diversified sources of income, and has the flexibility to respond to the challenging market environment due to the cash generative Insurance business, an expected £23m in cash proceeds to be received from the sale of Bennetts and the £50m remaining undrawn revolving credit facility.

    · The Group has been notified by Meyer Werft that disruption arising from COVID-19 may delay delivery of Saga's second new ship, the Spirit of Adventure, currently due to commence operations in August 2020. This has been considered within planning scenarios and is not anticipated to significantly change the Group's financial position.


    Euan Sutherland, Group Chief Executive Officer, said:


    "In a year of change, Saga has made significant operational progress and strengthened the management team to ensure the business is positioned to deliver for our customers and members and for investors. Our Insurance and Cruise businesses made good progress against the priorities we set out in April and we have moved to significantly strengthen our financial position, reducing debt and operating expenses and improving cash flow.

    "Saga Insurance remains largely unaffected by COVID-19, however along with all other Travel businesses, our Travel business has been significantly impacted. We have acted quickly to ensure the health and wellbeing of our customers and colleagues and, following the Government's advice on cruise ship and air travel, we have suspended our Cruise and Tour operations. We have also worked with our banks to agree temporary amendments to our debt covenants. We have significant available liquidity and can consider a range of further mitigating actions across the Group.

    "Saga is a strong brand, with loyal customers and where we offer really differentiated products, underpinned by excellent service, our businesses do well and have potential to do better. Organisationally, the Group had become inefficient, lost its tight focus on customers and had under invested in digital, data and brand. We have started the work to make the changes necessary for us to be able to deliver the truly differentiated products and services our customers expect from us.

    "Against the backdrop of COVID-19, the outlook is uncertain, but we remain confident that the Saga brand, and our Insurance and Travel businesses have a successful future ahead."

    SAGA Plc - Unaudited Trading Update (inc. impact of COVID-19) #SAGA @SagaUK https://www.voxmarkets.co.uk/rns/announcement/fff3af86-7c86-4af6-9b84-62d2beb1683b #voxmarkets undefined
     
  6. Groucho

    Groucho Member

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    19 May 2020

    Saga plc (the "Company")

    Notice of 2020 Annual General Meeting

    Saga plc released its preliminary announcement of annual results for the year ended 31 January 2020 ("Annual Results Announcement") on 9 April 2020. Further to the Annual Results Announcement, the Company confirms that the 2020 Annual Report and Accounts ("Annual Report"), Notice of Annual General Meeting 2020 ("Notice of AGM") and Annual General Meeting Form of Proxy 2020 ("Form of Proxy") have been published and are being sent to shareholders today.

    The Annual General Meeting of the Company will be held at 11.00 a.m. on Monday, 22 June 2020 at Enbrook Park, Sandgate, Folkestone, Kent, CT20 3SE.

    In compliance with DTR 6.3.5 (3) the following documents can be downloaded in .pdf format from the Company's website at www.corporate.saga.co.uk:

    · Annual Report for the year ended 31 January 2020; and

    · Notice of AGM.

    In accordance with LR 9.6.1 and LR 9.6.3, copies of the above documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
     

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