Saga Group has reported a lack of £55 million for the six months to the top of July as the corporate battles the fallout from the Covid-19 pandemic.
The determine included a £60 impairment cost associated to the outbreak.
In response, the insurance coverage and journey group has introduced it should elevate £150 million in contemporary fairness.
Saga stated the transfer would enable the corporate to cut back leverage and considerably stability sheet dangers.
Euan Sutherland, Saga Group chief government, defined: “Saga has made vital progress within the first half.
“By this yr our priorities have been serving our clients and holding colleagues secure throughout a interval of main disruption and additional strengthening our monetary place.
“Whereas taking decisive motion to react to the Covid-19 outbreak, we’ve got additionally continued to make progress in our companies.
“That is clearly proven in Insurance coverage with the success of our three-year fixed-price product and our Covid-19 journey insurance coverage product, and in cruise by the upcoming arrival of our second new ship, Spirit of Journey.”
He added: “We now have carried out a complete evaluation of technique and have developed a plan which we consider will strengthen our model, enhance our give attention to our clients, ship distinctive experiences for them, and return each our insurance coverage and journey companies to progress.”
Saga argued the capital elevating, supported by contemporary investment from former chief government Roger De Haan, would rebuild monetary power.
“Saga is a proud British enterprise, with a robust model, loyal clients and nice individuals and we’re excited concerning the alternatives forward.
“With our strengthened monetary place and a refreshed technique, we count on to be properly positioned to unlock all of the potential in Saga, returning the enterprise to sustainable progress and creating vital long-term worth for all our buyers,” concluded Sutherland.
