Saga Group has reported a lack of £55 million for the six months to the tip of July as the corporate battles the fallout from the Covid-19 pandemic.
The determine included a £60 impairment cost associated to the outbreak.
In response, the insurance coverage and journey group has introduced it’ll increase £150 million in recent fairness.
Saga mentioned the transfer would enable the corporate to cut back leverage and considerably stability sheet dangers.
Euan Sutherland, Saga Group chief government, defined: “Saga has made vital progress within the first half.
“By this yr our priorities have been serving our prospects and retaining colleagues protected throughout a interval of main disruption and additional strengthening our monetary place.
“Whereas taking decisive motion to react to the Covid-19 outbreak, we’ve got additionally continued to make progress in our companies.
“That is clearly proven in Insurance coverage with the success of our three-year fixed-price product and our Covid-19 journey insurance coverage product, and in cruise by the approaching arrival of our second new ship, Spirit of Journey.”
He added: “We have now performed a complete overview of technique and have developed a plan which we imagine will strengthen our model, enhance our deal with our prospects,…