Saga share price: Group still searching for new finance chief

Jonathan Hill to step down next month

Saga share price: Group still searching for new finance chief

Saga (LON:SAGA), the cruises-to-insurance group for the over-50s, still continues its search for a new finance chief, the company has said. The news comes after Paddy Power Betfair (LON:PPB) poached Jonathan Hill earlier this year.

Saga’s share price closed marginally lower in the previous session, shedding 0.25 percent to close at 120.90p, underperforming the FTSE 250 index which closed in positive territory, adding 0.18 percent to 20,675.64 points. The group’s shares have given up more than 42 percent of their value over the past year, as compared with about a 3.4-percent gain in the mid-cap index.

Saga still searching for CFO

Saga announced in a short statement this morning that it was now able to confirm that Jonathan Hill will be stepping down from his position as group chief financial officer and as a director of the board on September 28. The news came after Hill agreed to take the top finance job at Paddy Power Betfair earlier this year.

“The search process for a successor to Jonathan is in progress and Saga will update the market as soon as this has concluded,” the lifestyle group pointed out in today’s statement.

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 August 3, the consensus forecast amongst six polled investment analysts covering the lifestyle group has it that the company will outperform the market.  

Saga is scheduled to update investors on its interim performance on September 27. In June, the group 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 08:04 BST, Wednesday, 08 August, Saga PLC share price is 120.90p.

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