It is tempting to wonder just where the future growth for Saga is coming from. The company is in a much better position than it was at the time of its flotation in May 2014. The various private equity backers are finally out. Debt fell by 15 per cent in the year to the end of January to stand at £465 million and strong cash generation will reduce it further.
The company is in a position to invest with a new cruise ship, the Spirit of Discovery, set to arrive in June 2019. It has reorganised the insurance operation, growing strongly in motor broking where the introduction of a panel of underwriters in summer 2015 has meant Saga can get the keenest of prices