Saga shares surge as company considers partnership deal for its cruise division

26 January 2024 , 12:44

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Saga shares have increased after it reported a possible partnership deal for its cruise division (Image: PA Archive/PA Images)

Saga, the company known for providing insurance and holidays for over-50s, is considering a partnership deal for its cruise division.

The firm's shares soared on Friday morning following this announcement. The company currently operates two flagship vessels, Spirit of Adventure and Spirit of Discovery, through its ocean cruises operation.

In a statement to the stock market, Saga said: "The board is exploring opportunities to optimise Saga's operational and strategic position in cruise, where exceptional demand for its boutique ocean cruise offer means it is operating at close to capacity."

No decision has been made yet, and there's no guarantee that any partnership deal will happen. Saga is also expected to update shareholders in a trading update next week.

Last year, the company reported that its pre-tax loss had reduced from £262 million to £77.8 million for the first six months of 2023.

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Lawrence Matheson