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BRIEF-Saga Says Expects FY 2018 Underlying PBT Growth Between 1% And 2%
December 6, 2017 / 7:28 AM / 7 days ago

BRIEF-Saga Says Expects FY 2018 Underlying PBT Growth Between 1% And 2%

Dec 6 (Reuters) - Saga Plc:

* GROUP‘S GROWTH IN UNDERLYING PBT 1 IS EXPECTED TO BE BETWEEN 1% AND 2% FOR YEAR ENDED 31 JANUARY 2018

* “SEEN CHALLENGING TRADING IN INSURANCE BROKING DURING PERIOD AND MONARCH AIRLINES ADMINISTRATION, WHICH HAS AFFECTED OUR TOUR OPERATIONS”

* FY WRITTEN PROFIT OF OUR RETAIL BROKING BUSINESS IS EXPECTED TO BE AHEAD YEAR ON YEAR, WITH A STRONG PERFORMANCE IN MOTOR

* WE NOW EXPECT RESERVE RELEASES TO BE AT A SIMILAR LEVEL TO PREVIOUS YEAR

* TOUR OPERATIONS BUSINESS HAS BEEN IMPACTED BY COLLAPSE OF MONARCH AIRLINES WITH AN APPROXIMATE ONE-OFF COST OF £2 MILLION

* WILL REALISE APPROXIMATELY £10 MILLION OF ANNUALISED SAVINGS NEXT YEAR

* EXPECT TO INCUR A ONE-OFF COST OF CIRCA £4 MILLION RELATING TO THESE CHANGES, EXCLUDED FROM UNDERLYING PBT Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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