Shares in Saga (LON:SAGA) have climbed marginally higher in London this morning, as the cruises-to-insurance group for the over-50s updated investors on its recent trading. The company reported that its branded retail insurance policies had increased by about one percent for the period from February 1 to May 31, while its tour bookings were flat.
As of 09:31 BST, Saga’s share price had added 0.24 percent to 127.60p as of 09:38 BST, marginally outperforming the FTSE 250 index which currently stands 0.07 percent higher at 20,941.70 points. The group’s shares have given up nearly 36 percent of their value over the past year, as compared with about a 6.4-percent rise in the mid-cap index.
Saga updates on trading
Saga announced in a statement this morning that its branded retail insurance policies had increased by approximately one percent year-on-year in the period between February 1 to May 31, supported by 30-percent and 14-percent growth in motor and home new business policies, respectively. The group’s tour bookings for 2019/20 departures meanwhile remained flat year on year with recent positive momentum.
“We have seen good momentum this year across our travel and insurance businesses, particularly in new motor and home insurance policies, underwriting performance and bookings for our new cruise ship, Spirit of Discovery,” the group’s chief executive officer Lance Batchelor commented in the statement. “All of this underpins our confidence that we have put in place the right investment to drive the Saga business forward.”
Analysts on lifestyle group
The six analysts offering 12-month price targets for Saga for the Financial Times have a median target of 150.00p on the shares, with a high estimate of 195.00p and a low estimate of 120.00p. As of June 15, the consensus forecast amongst seven polled investment analysts covering the blue-chip group has it that the company will outperform the market.