In major news on UK stocks, Saga PLC (GB:SAGA) gained 1.6% as of writing after the company released a favourable trading update for the timeframe from February 1 to June 24. The company stated that its performance has been on track and it expects to meet its full-year targets.
The company will publish its half-yearly results for FY25 on October 2.
Saga is a British company focused on providing products and services tailored to individuals aged 50 and above. The company operates in various areas, including insurance and travel, personal finance, media, and more.
Saga Celebrates Impressive Cruise Bookings
Saga highlighted a remarkable beginning to the year with its impressive cruise bookings. According to its update, its Ocean and River Cruise divisions reported booked load factors of 83% and 78%, respectively, exceeding those of the same period last year. Moreover, the company’s booked revenue grew by 14% over the previous year, driven by improved passenger numbers.
On the flip side, Saga stated that its insurance market conditions are tough. Even though the company implemented measures to stabilize its Broking business, the rising costs of home insurance are likely to diminish the overall impact of these actions.
Nonetheless, the company’s combined operating ratio, which is a key profitability measure, has improved due to price increases in insurance underwriting.
Are Saga Shares a Good Buy?
As per TipRanks, SAGA stock has been assigned a Moderate Buy consensus rating based on a Buy recommendation from Deutsche Numis analyst Nick Johnson. The analyst reiterated a Buy rating on the stock yesterday, predicting a potential upside of 36.3% from the current level. The Saga PLC share price target is 154p.
