StockMarketWire.com - Over 50's services group Saga said its tour operations business was being hurt by current political uncertainty.

Booked revenues were down 4% as of 15 June on-year, the company said.

'In addition, margins for this year will be impacted by competitive discounting,' it added.

Consumer confidence in the UK has been weakened by ongoing uncertainty over how and when the country will leave the European Union.

Saga said bookings in its cruising business had been more resilient.

'The group expects to be in line with target booking levels for departures this year,' it said.

'Forward bookings for the 2020/21 year for the two new ships are broadly on track, with a significant step up in marketing activities planned for the next three months to coincide with the launch of the Spirit of Discovery.'

In its insurance business, Saga said the launch of three-year fixed price products in motor and home was progressing in line with expectations.

As of 16 June, it had sold over 60,000 three-year fixed price policies, of which over 30,000 related to new business.



Story provided by StockMarketWire.com