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Saga Group to raise fresh capital in wake of Covid-19 losses | News

Saga Team has claimed a decline of £55 million for the six months to the...

Saga Team has claimed a decline of £55 million for the six months to the finish of July as the organization battles the fallout from the Covid-19 pandemic.

The figure bundled a £60 impairment cost similar to the outbreak.

In response, the insurance policy and travel team has announced it will raise £150 million in fresh equity.

Saga explained the go would enable the organization to minimize leverage and drastically harmony sheet hazards.

Euan Sutherland, Saga Team chief govt, explained: “Saga has designed sizeable progress in the to start with 50 %.

“Through this yr our priorities have been serving our customers and preserving colleagues safe and sound during a period of major disruption and more strengthening our fiscal position.

“While taking decisive motion to react to the Covid-19 outbreak, we have also continued to make progress in our firms.

“This is obviously revealed in Insurance coverage with the success of our three-yr fastened-price products and our Covid-19 travel insurance policy products, and in cruise by the imminent arrival of our 2nd new ship, Spirit of Experience.”

He additional: “We have performed a extensive review of method and have designed a plan which we believe that will fortify our manufacturer, increase our emphasis on our customers, produce fantastic encounters for them, and return each our insurance policy and travel firms to progress.”

Saga argued the capital elevating, supported by fresh expenditure from previous chief govt Roger De Haan, would rebuild fiscal energy.

“Saga is a proud British organization, with a powerful manufacturer, faithful customers and good people and we are energized about the chances in advance.

“With our strengthened fiscal position and a refreshed method, we assume to be effectively positioned to unlock all the likely in Saga, returning the organization to sustainable progress and building sizeable extended-time period value for all our buyers,” concluded Sutherland.