Saga share price little changed as group posts trading update

Lifestyle company says core businesses continued their good start to year

Saga share price little changed as group posts trading update

Shares in Saga (LON:SAGA) have been little changed this morning as the cruises-to-insurance group for the over 50s updated investors on its recent performance. The company reported a continued ‘good start’ to the year across its core trading divisions.

As of 08:15 BST, Saga’s share price stood at 199.70p, flat in percentage terms. The stock, however, is slightly outperforming the mid-cap FTSE 250 index which has slipped marginally into the red and is currently 0.22 percent worse off at 19,639.88 points. The group’s shares have lost more than seven percent of their value over the past year, but have added a little over two percent so far in 2017.

Saga announced in a statement this morning that its core insurance and travel businesses had continued their good start to the year with the backdrop of a changing political and economic environment.

“We have made a good start to the year across our core trading divisions,” the company’s chief executive officer Lance Batchelor commented in the statement, adding that the lifestyle group remained “on track to deliver on our strategic objectives, including the launch of our membership scheme, Saga Possibilities, which will go live later this year”.

The results come after earlier this year, Saga reported an overall profit rise for the year ended January 31, while disclosing a drop in its insurance underwriting business.

The eight analysts offering 12-month price targets for Saga for the Financial Times have a median target of 221.00p on the shares, with a high estimate of 240.00p and a low estimate of 200.00p. As of June 16, the consensus forecast amongst nine polled investment analysts covering the mid-cap group has it that the company will outperform the market.

As of 08:53 BST, Thursday, 22 June, Saga PLC share price is 199.10p.

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