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Saga in management shake-up after last month's profit warning

por Remona Faust (2021-02-17)


Saga, the insurance and travel firm targeted at people over 50, announced a restructuring of its travel business and a management shake-up today after a profit warning sent its shares sliding last month.

The firm said it would combine its tour and cruise operations with Robin Shaw, who formerly was boss of the cruise arm, becoming the new head of that unit, Saga Travel.

It follows the departure of the managing director of tour operations Jeannette Linfoot, who left the business last month.

Shake-up: Saga has been hit by the collapse of Monarch Airlines

Also as part of the reshuffle, Gary Duggan has taken over from Roger Ramsden as chief executive of Saga Services.

The announcement comes after Saga last month issued a profit warning in an unscheduled trading update, saying it had been hit hard by 'challenging' trading conditions in its insurance broking business and the collapse of Monarch Airlines.

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The group said Monarch Airlines's collapse had had a negative impact on its tour operations arm and cost it £2million. Once Monarch ceased trading, Saga had to help passengers arrange flights with alternative airlines.

Its share price slumped by nearly a quarter in December when it issued the profit warning.

Today shares in the FTSE 250-listed group were 1 per cent higher at 126p.

Saga's chief executive Lance Batchelor said the changes announced today provided the group with 'a more focused' executive team.

'Roger and Jeanette leave with my warmest thanks for the significant contributions they have made to the business and I wish them both all the Best Travel Insurance In India for the future,' he added.

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