Saga PLC (LSE:SAGA) reported smooth sailing at the start of 2025, with trading "on track" with expectations in the first four months of its financial year, and a new partnership lined up with NatWest Group PLC (LSE:NWG).
The group’s ocean and river cruise divisions have performed strongly, with boats 95% and 93% full respectively, both ahead of the same period last year.
Holiday bookings were also up, with revenue 14% higher and passenger numbers 13% ahead of last year’s levels.
Saga’s insurance underwriting arm traded as expected, with the planned sale to Ageas on track for completion by 31 July 2025, with the insurance broking business also in line with expectations as it prepares for transition to a 20-year partnership with Ageas in the fourth quarter.
The FTSE 250-listed group said it is advancing its partnership strategy and is now in "final negotiations" with NatWest to offer a range of personal banking products, beginning with a new savings proposition.
This partnership aims to leverage NatWest’s banking scale alongside Saga’s customer insight to support growth in the Money business.
Net debt had been cut to £569.5 million at the end of May, down from £622.7 million a year earlier.
CEO Mike Hazell said: "I am pleased to report that Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations.
"Looking ahead, we are focused on continuing to grow our Travel and Money businesses while successfully transitioning to our new simplified Insurance model.
"We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this."