Saga profits cruise up

Over-50s firm Saga has hailed strong demand from older Brits takings holidays as half-year profits rose 5.5%.

The company is banking on the so-called grey pound defying a wider spending slowdown after ordering two new cruise liners, one of which is due to set sail next June.

Underlying profits rose to £110.2million thanks to a 10.4% hike in its retail broking and travel business.

The group said it was enjoying bumper pre-sales for its cruise ship Spirit of Discovery (above), with travel profit growing 63% to £11.9m. The company also hiked its interim dividend by 11.1% to 3p.

Boss Lance Batchelor said: “Saga is on track to deliver a fourth consecutive year of growth.”