SAGA Investor Update
Good progress last year, comprehensive response to
COVID-19
2019/20 - good progress against business priorities
•
Underlying PBT of £110m in line with target range
Net bank debt reduced by £30m
Successful launch of differentiated products -
three-year fixed price & Spirit of Discovery
Strengthened Executive Team in place.
2020/21 Q1 - fast start
Two disposals announced, expected to release
£37m in cash in H1
£15m run rate cost savings delivered
Positive momentum in Insurance
COVID-19 comprehensive response
.
-
Home and Motor insurance not expected to be
significantly impacted
2,300 colleagues now able to work from home,
including full customer service capabilities,
with no interruption to customers
Travel suspended until May; planning for a
further delay
Precautionary drawdown of £50m RCF; cash
on hand at 31 March of £92m
Debt covenants reset to 4.75x in the near-
term
Dividend suspended
We have reduced debt, improved liquidity and renegotiated bank covenants in place
SAGA
Investor update 2 April 2020
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