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Over-50s services provider Saga booked a full-year loss after its revenue slumped and it wrote down the value of its cruise assets.
Pre-tax losses for the year through January amounted to £61.2 million, compared to year-on-year losses of £300.9 million. Revenue dropped 58% to £337.6 million.
Underlying pre-tax losses fell 84% to £17.1 million, down from £109.9 million.
'Saga has made significant progress in a year of unprecedented challenge, during which our key focus has been on serving our customers and keeping our colleagues safe,' chief executive Euan Sutherland said.
'Looking ahead, while we are mindful of economic headwinds and the potential ongoing impacts of Covid-19, it is clear that there is significant pent-up demand among our customer base, the vast majority of whom have now been vaccinated and are ready to enjoy post-lockdown freedom.'
'Saga is a proud British business, with a strong brand, loyal customers and great people and we are excited about the opportunities ahead.'
'We look forward to relaunching our brand later in 2021, which will only enhance our ability to unlock the potential in Saga, returning the business to sustainable growth and creating significant long-term value for all our investors and stakeholders.'
At 9:45am: (LON:SAGA) Saga share price was 0p at 185.2p