Saga looks to branch out after turbulent start to life in public
OVER-50’S holiday-to-insurance provider Saga tried to put its float flop behind it yesterday by planning to move into running old people’s homes and wealth management.
The FTSE 250 listed group said it was on the verge of striking a deal with an unnamed wealth manager to provide financial services to its customers. It is also helping to lead the development of a retirement village in Wiltshire.
The firm saw shares tick up 1.5 per cent to 174.8p after reporting a 10 per cent rise in trading earnings to £130.4m. But the cost of its flotation and debt refinancings sent overall pre-tax profits down to £32.8m from £92.1m. Shares are also still trading well below the 185p flotation price.
The business, led by Lance Batchelor (pictured), said its long standing finance director Stuart Howard would leave the group at the end of this year. Bovis Homes’ finance boss Jonathan Hill will replace him.