Saga profits drop ahead of expected Covid-19 hit
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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