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Saga has provided a financial update for the first half of 2026, covering the timeframe from February 1 to June 29, 2026.
The group reported a strong start to the new financial year, with revenue in line with expectations and the business remaining on track to deliver its full-year guidance.
Net debt was reduced to £464.7 million, down £104.8 million year-on-year, with the leverage ratio improving to 3.2x, according to a statement.
Notably, travel continued to perform strongly, with the ocean cruise business ahead of expectations.
"Our momentum in Travel has continued, demonstrating the resilience of our customers and our diverse offering, despite the current geopolitical uncertainty," said Mike Hazell, group chief executive officer.
"Looking ahead, we are focused on continuing to grow our Travel businesses and completing the transition to our new Insurance model. We remain on track to deliver our full year guidance and continue to make clear progress towards our medium-term targets of at least £100.0m Underlying Profit Before Tax and a Leverage Ratio of below 2.0x by January 2030."
In the ocean cruise segment, the revenue for the first half of 2026 is expected to be greater than in 2025, driven by 13 percent growth in booked per diems and a booked load factor of 93 percent.
"We have a high level of confidence when looking ahead to the full year and beyond, with customers typically booking well in advance, and commodity and foreign exchange risk now fully hedged to the end of 2027," the statement reads.
Revenue for the first half of the year in river cruise is also expected to grow compared to last year, thanks to a 4 percent increase in booked per diems and a booked load factor at 93 percent.
Holidays revenue and passenger numbers for the first half of the year are also both expected to surpass 2025.
For the full year, based on current booking levels, the company expects revenue to be marginally ahead of the same point last year, but slightly lower passenger numbers and a higher proportion of short-haul holidays are possible as a result of the conflict in the Middle East.
