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BRIEF-Insurer Saga on track to meet full-year targets, half-year profits up
September 22, 2017 / 6:08 AM / 3 months ago

BRIEF-Insurer Saga on track to meet full-year targets, half-year profits up

Sept 22 (Reuters) - Saga Plc:

* Interim results for six months ended 31 July 2017

* Underlying profit before tax £110.2 million versus £104.5 million in H1 2016

* Consistent growth of 5.5% in underlying profit before tax, supported by 10.4% growth in our retail broking and travel businesses

* Profit before tax of £103.0m reflects costs associated with successful refinancing and net fair value losses on derivatives

* 11.1% growth in interim dividend to 3.0p

* Retail broking profit growth of 4.7% to £70.9m (h1 2016: £67.7m) with a strong performance in motor broking

* Strong travel profit growth of 63% to £11.9m (h1 2016: £7.3m)

* CEO says saga is on track to deliver a fourth consecutive year of growth.

* CEO says our confidence in demand has supported our decision to purchase our second new ship, spirit of adventure, and to bring forward delivery to august 2020.

* CEO says saga is growing, has good momentum, and is on track to deliver in line with expectations for full year. Source text for Eikon: Further company coverage: (Reporting by Emma Rumney)

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