June 22, 2020 / 6:29 AM / 18 days ago

BRIEF-Saga Says Group Has Not Recognised Any COVID-19 Related Claims Upside In Current Yr Results

June 22 (Reuters) - Saga PLC:

* SAGA PLC - GROUP’S TRAVEL BUSINESS HAS REMAINED ON PAUSE SINCE DECISION IN MID-MARCH TO SUSPEND OPERATIONS DUE TO COVID-19

* SAGA PLC - CURRENT YEAR CLAIMS FREQUENCY FROM MARCH ONWARDS HAS BEEN MUCH REDUCED AS A RESULT OF LOWER MILES DRIVEN

* SAGA PLC - AS AT 31 MAY GROUP HAD CANCELLED ALL TRAVEL DEPARTURES UP TO AND INCLUDING AUGUST AND HAD REFUNDED £44M OF ADVANCE RECEIPTS

* SAGA PLC - GROUP HAS NOT RECOGNISED ANY COVID-19 RELATED CLAIMS UPSIDE IN CURRENT YEAR RESULTS OR FINANCIAL PROJECTIONS

* SAGA PLC - SIGNED AN AGREEMENT FOR A DEBT HOLIDAY AND COVENANT WAIVER FOR TWO SHIP FACILITIES

* SAGA PLC - GROUP HAS UNDERTAKEN A REVIEW OF COSTS WITHIN TRAVEL BUSINESS TO REDUCE NEAR-TERM MARKETING AND OTHER COSTS

* SAGA PLC - REVIEW OF COSTS WITHIN TRAVEL BUSINESS EXPECTED TO LEAD TO A £20M IN-YEAR COST REDUCTION OVER AND ABOVE OTHER SAVINGS

* SAGA - ABLE TO RESUME TRAVELING WHEN RESTRICTIONS REMOVED BUT HAS CONTINUED TO RUN STRESS TESTS BASED ON A WIDE RANGE OF OUTCOMES FOR COVID-19 CRISIS

* SAGA PLC - TO REDUCE COMBINED CASH ‘BURN’ COST OF TOUR AND CRUISE BUSINESSES TO BETWEEN £6M AND £8M PER MONTH

* SAGA PLC - MOTOR AND HOME POLICIES ARE 1% HIGHER FOR PERIOD FROM 1 FEBRUARY TO 21 JUNE 2020 Source text for Eikon: Further company coverage:

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