Saga to proceed with IPO
Saga is to apply for admission of its ordinary shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market of the London Stock Exchange (LSE).
Saga provides products and services tailored for people aged 50 and over.
Having been initially established as an out-of-season holiday provider in 1950, Saga has broadened its product and service offering so that it now ranges from cruises and holidays, home and motor insurance, savings and share dealing and Saga Magazine. Saga also provides domiciliary and primary healthcare services through Allied Healthcare, which is part of the group.
Saga now has over 2.1 million customers and an exclusive group marketing database comprised of 10.4 million people and 8.4 million contactable households in the UK.
The group has delivered consistent revenue and earnings growth with underlying revenue and underlying EBITDA having grown at a 4.7 per cent and 7.4 per cent CAGR, respectively, over the last three years. In the year ended 31 January 2014, the group generated underlying revenue of GBP1,209.3 million and underlying EBITDA of GBP222.4 million.
In connection with the IPO, the company has appointed Philip Green, Ray King, Orna Ni-Chionna and Gareth Williams as independent non-executive directors.
Andrew Goodsell, executive chairman, says: “What began 60 years ago in a small hotel in Folkestone is today one of Britain’s most trusted and respected companies. This is in huge part due to the hard work and dedication of our employees.
“Our customers are at the heart of our brand and I am delighted that they will have an opportunity to become shareholders in the company and to be part of the next stage of our journey.”
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