April 12, 2018 / 7:35 AM / 8 months ago

BRIEF-Saga Says Profit Before Tax Falls To 178.7 Mln Pounds

April 12 (Reuters) - Saga PLC:

* REDUCTION IN PROFIT BEFORE TAX TO £178.7M REFLECTS COSTS OF SUCCESSFUL REFINANCING, COST SAVINGS AND NET FAIR VALUE LOSSES ON DERIVATIVES

* FY UNDERLYING PRETAX PROFIT 190.1 MILLION STG VERSUS 187.4 MILLION STG IN FY 2016

* “IN A CHALLENGING MARKET WE HAVE DELIVERED A SET OF FY RESULTS WHICH IS IN LINE WITH REBASED PROFIT EXPECTATIONS SET AT END OF 2017” - CEO

* FULL YEAR DIVIDEND INCREASED TO LEVEL OF 9.0P

* BEGINNING TO SEE BENEFITS OF OUR TARGETED INVESTMENT IN RETAIL BROKING AND TRAVEL

* MEMBERSHIP SCHEME, POSSIBILITIES, NOW HAS OVER HALF A MILLION MEMBERS

* TRADING CONDITIONS CONTINUE TO BE CHALLENGING WITHIN HOME INSURANCE MARKET BUT WE HAVE SEEN SOME SIGNS OF PREMIUM INFLATION

* IN BOTH TOUR OPERATING AND CRUISING, WE HAVE ALREADY SECURED MAJORITY OF OUR FY 2019 SALES TARGETS

* PROPOSE TO INCREASE FINAL DIVIDEND TO 6.0P, LEADING TO GROWTH IN FULL YEAR DIVIDEND OF 5.9% TO 9.0P PER SHARE

* OVERALL PROFITABILITY FOR TRAVEL BUSINESS IS EXPECTED TO STEP FORWARD AGAIN YEAR ON YEAR N 2018 Source text for Eikon: Further company coverage:

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