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Saga profits drop ahead of expected Covid-19 hit

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Broking, underwriting and travel profits all fell, as the group renegotiates its loans to accommodate for lengthy travel suspensions.

Saga has shared unaudited financial results as part of a trading update issued today (2 April).

Revenue at the group fell 5.2% to £797.3m for the twelve months ended January 2020 (restated 2019: £841.5m).

Saga reported underlying profit before tax as £109.9m for the year (restated 2019: £180.1m).

However, losses after tax nearly doubled from £162.2m to £312.8m over the same period. Both years were heavily affected by impairments of goodwill in excess of £300m.

No dividends are expected to be

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