March 29 British over-50s travel and insurance
company Saga Plc reported a 5.6 percent increase in
full-year pretax profit as Britain's vote to leave the European
Union did not dent demand for holidays among Britons over 50
The company, which offers ocean and river cruises, singles
holidays and escorted tours, said its current reservations were
8 percent ahead of last year and that economic confidence
amongst its customers remained strong after the referendum vote.
However, Saga said it had begun to see the government's
decision to cut the discount rate used by insurers to settle
personal injury claims being reflected in premiums across the
market and affecting the net rates.
Underlying pretax profit, excluding derivative gains and the
impact of the rate change, rose to 187.4 million pounds ($232.2
million) in the year ended Jan. 31, from 177.4 million pounds a
"We have started the financial year well, and I look ahead
with a great deal of optimism for the business," Chief Executive
Officer Lance Batchelor said.
($1 = 0.8070 pounds)
(Reporting by Esha Vaish and Noor Zainab Hussain in Bengaluru;
Editing by Amrutha Gayathri)