Holidaymakers over the age of 50 have been ignoring the post-Brexit drop in the value of the pound by continuing to book trips abroad, sending profits in Saga’s travel division flying.
Rising demand for holidays among those aged over 50, undeterred by sterling’s fall making holidays more expensive, sent profits in the company’s travel unit soaring 63pc to £11.9m for the six months to July 31.
Chief executive Lance Batchelor said that Brexit had had minimal impact on the group’s holiday business, because its customers were dipping into their savings or pension pots to book trips abroad.
“They’re much less impacted by what’s going on in the economy or in a bonus,” he said. “This is their time to travel and have fun. They’re not going to wait for a change in the economy or a change in exchange rates.”
The travel and insurance company, which is synonymous with cruises, said alongside its results the appetite for cruise bookings had been so strong that it had bought another ship with the aim of launching it in 2020.