Saga shares plunge on fresh travel warning
Read more: End of the Saga – chief executive Batchelor to retire next year Wednesday 19 June 2019 9:59 am whatsapp Saga shares plunge on warning of fresh travel struggles Ahead of its annual meeting later today, Saga warned of fresh travel struggles due to a competitive market and political uncertainties. Saga said it was making progress with the strategy and that trading from 1 February to 18 June had been in line with expectations. AJ Bell investment director Russ Mould said: “Saga is having a hard job digging itself out of a massive hole. Share Shares plunged close to 11 per cent after the trading update, which came just hours before the company’s AGM later today. The strategy included changing its approach to insurance and renewal pricing and launching a new home and motor cover product. “Against challenging headwinds in both travel and insurance, we see early signs of progressing in stabilising our retail broking business and forward bookings for the cruise business have been resilient.” Callum Keown Read more: Saga shares plummet after 36 per cent after it announces £310m writedown and slashes dividend by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May Likebonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comPast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldFilm OracleThey Drained Niagara Falls – Their Gruesome Find Will Keep You Up All NightFilm OracleDefinitionMost Embarrassing Mistakes Ever Made In HistoryDefinitionMisterStoryWoman files for divorce after seeing this photoMisterStoryDaily Funny40 Brilliant Life Hacks Nobody Told You AboutDaily FunnyNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceUnderstand Solar$0 Down Solar in Scottsdale. How Much Can You Save? Try Our Free Solar Calculator Now.Understand Solar It said booked revenues were down four per cent for the year to 15 June on the previous year. The over-50s insurance and tourism group responded by unveiling a new strategy to return the business to its roots following a series of profit warnings. Chief executive Lance Batchelor, who has announced plans to retire next year, said: “We are resolutely focused on the execution of our new strategy and have a clear set of priorities. He added: “In its defence, the turnaround plan is still fairly new and it will take time to see if the strategy works.” whatsapp Margins for this year will also be hit, the company said, after it was forced to discount holiday packages as a result of competition. In April its shares dived 40 per cent after it warned that Brexit uncertainty was hitting its travel business and price comparison sites were eating into its insurance margins. Shares in Saga have fallen more than ten per cent this morning after the insurance and travel group warned its tour operations were set to take a hit. “Having issued several profit warnings in the past few years, changed its insurance strategy, and announced plans to part ways with its chief executive, the business has come back with a patchy trading update.” Cruise bookings also remained in line to reach targets after a “resilient” performance over the period and bookings on two new ships for 2020-21 were also progressing well, the company said.