Saga has begun its financial year on what it described a "positive note", as it continues to trade in line with expectations.

The insurance company said its ocean and river cruise sectors have had a strong start to the year, with booked loan factors for the first half of the year ahead of the same point last year.

Its full-year holiday bookings are also ahead of the same period in 2024, with booked revenue and passengers increasing by 14% and 13% respectively year-on-year.

Furthermore, its insurance broking service is trading in line with expectations and its transition to the 20-year partnership with Ageas remains on track for Q4 2025.

The firm stated that as of 31 May, its net debt stood at £569.5m, which includes £96.7m in available cash. This compares to £622.7m in net debt on 31 May 2024.

Looking ahead, Saga also revealed it is in final negotiations with NatWest to offer a range of personal banking products, including a new savings proposition.

Group chief executive officer at Saga, Mike Hazell, said: "I am pleased to report that Saga has started the financial year on a positive note, with all our businesses performing well and in line with expectations. Looking ahead, we are focussed on continuing to grow our travel and money businesses, while successfully transitioning to our new simplified Insurance model.

"We are progressing well with our medium-term plans and the potential new partnership with NatWest is another good example of this."

Investment director at AJ Bell, Russ Mould, said that while the results are positive, investors will be looking at performances in the future.

He concluded: "Saga announced it remains on track to hit its profit guidance as it continues its recovery plan built around partnering up with third parties – with a new deal with NatWest the latest such agreement.

"While it has a strong brand and a potential runway for growth due to the UK’s ageing population, Saga has struggled to deliver a consistent performance since joining the stock market. Investors will hope the new approach proves more successful."

Saga will announce its results for the six months to 31 July on 24 September.

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