London, June 30, 2026, 13:15 BST
- Saga reversed early losses, turning an 8% morning fall into a 12.25% rise by 1309 BST after giving its AGM trading update.
- Cruise demand held steady. Ocean cruise booked per diems climbed 13%. River cruise per diems gained 4%. Both ocean and river cruises had load factors at 93% booked.
- Net debt dropped to £464.7 million. Saga also said it expects a £10.5 million payment from Ageas after beating policy-volume targets.
Saga plc (LON:SAGA) shares swung higher on Tuesday, erasing early losses. The over-50s travel and insurance group said cruise bookings were still strong and its tie-up with Ageas SA/NV EBR:AGS led to a £10.5 million payment. At 1309 BST, Google Finance showed Saga at 674.64p, up 12.25%. Earlier, Halifax’s feed had the shares 8% lower at 550.28p at 0930 BST.
AJ Bell’s delayed quote was showing the shares at 666p to 669p, up 10.98% from the previous close of 601p. Google Finance listed a session range from 537p to 680p, with 2.03 million shares traded—roughly 2.6 times the 784,150 average.
| Saga intraday read | Price / figure | Market read |
|---|---|---|
| 0930 BST report | 550.28p | off 8% |
| 1309 BST Google Finance | 674.64p | up 12.25% |
| AJ Bell delayed bid/offer | 666p / 669p | up 10.98% |
| Google day low/high | 537p / 680p | broad intraday swing |
| Google volume | 2.03 million | around 2.6x typical |
The shares outpaced the broader mid-cap index. At 12:59 BST, Fidelity had the FTSE 250 up 0.70%. Hargreaves Lansdown, using delayed figures, showed a 0.72% rise for the index.
For shareholders, what matters is the jump in equity. The stock rose 66p, and with 146.29 million shares out, that’s roughly £96.5 million in new value. That’s well above the £10.5 million Ageas payment Saga said it got. The market seems to have taken this update as a sign of something more fundamental to the balance sheet, not just a single cash boost.
Saga reported net debt stood at £464.7 million as of May 31, down from £569.5 million a year ago and from £499.5 million at the end of the year. Leverage dropped to 3.2x, compared to 3.7x at January 31. Available cash came in at £186.5 million as of May 31.
| Balance-sheet marker | Latest | Comparison |
|---|---|---|
| Net debt at May 31, 2026 | £464.7 mln | Down £104.8 mln from last year |
| Net debt at Jan. 31, 2026 | £499.5 mln | £34.8 mln higher than May |
| Leverage ratio at May 31 | 3.2x | Was 3.7x at year-end |
| Ageas payment due | £10.5 mln | policy volumes beat targets |
| Leverage target (medium-term) | below 2.0x | Goal is Jan. 2030 |
Cruise stood out in the update. Ocean cruises are set to top last year’s first-half revenue, booked per diems are up 13%, and booked load is 93%. River cruises are looking better too, with per diems 4% higher and the same 93% booked load.
The holidays business looked rougher. Saga said first-half revenue and passenger numbers will beat last year, but for the full year, holiday revenue should be only a little up, with possible slight declines in passenger numbers as the Middle East conflict shifts demand toward short-haul.
Saga CEO Mike Hazell said the company got off to a “strong start to the year” and is seeing “encouraging signs” from the insurance partnership. Hazell also said the group remains “on track” to hit full-year guidance. Investegate
The 2026 annual report makes it clear how much the travel segment matters to the stock. Cruise brought in £319.0 million of underlying revenue, Holidays added £185.1 million in the year to Jan. 31. Insurance came in at £131.6 million, other units posted £18.9 million. Underlying profit before tax from continuing operations was £44.2 million. Net debt finished the year at £499.5 million.
Saga stuck to its medium-term goals of hitting at least £100 million in underlying pre-tax profit and leverage under 2.0x by January 2030. Leverage stood at 3.2x on Tuesday, putting the group about 1.2 turns from its debt target.
Saga’s next update is its interim results for the six months to July 31, set for release on Sept. 30. The market will watch for any follow-through in cruise load factors and see what impact the short-haul mix has on holidays.
