(Reuters) -Holiday group Saga said on Tuesday it expects annual underlying profit to more than double year-on-year, as resilient travel demand from retired and wealthy Britons helped the company offset weakness in its insurance unit.
The London-listed over-50s holiday and insurance company expects full-year revenue growth between 10% and 15%, it said. For the 2022/2023 year, Saga reported underlying pre-tax profit of 21.5 million pounds ($27.27 million).
In September, Saga had forecast double-digit growth in annual revenue and said underlying profits would beat market estimates.
Saga has benefited from a rebound in bookings for ocean cruises and travel packages after the pandemic, which has fuelled growth amid declining insurance policy volumes and broader inflationary pressures.
The company said its travel and ocean cruises businesses are on track to return to profitability.
“Bookings for the new seasons in Cruise and Travel are robust, showing good overall progress.
The dynamics in Insurance remain challenging and we need to ensure we balance the business effectively between protecting and, in time, growing volume and the delivery of sustainable profitability,” CEO Mike Hazell said in a statement.
($1 = 0.7883 pounds)
(Reporting by Eva Mathews in Bengaluru; Editing by Rashmi Aich)
