Saga on track to meet market expectations in full year results

Caitlin Morrison
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Saga specialises in services for customers over the age of 50
Insurance firm Saga issued a trading update yesterday and confirmed that the company’s new chief financial officer will take up his role in April 2015.

The firm, which specialises in products and services for customers over the age of 50, announced that Jonathan Hill, previously at Bovis Homes Group, had been appointed to the position when it published its first half results.

The current chief financial officer, Stuart Howard, announced his departure in September, after more than 14 years in the role. He is set to retire at the end of 2015, and will work closely with Hill until that time to help with the handover.

The group listed in May of this year, and raised £550m through its IPO. At the time of the float, the company was valued at £2.7bn.

Saga stated that its current trading remains in line with market expectations for the full year.

Lance Batchelor, chief executive at Saga, commented: “Our flexible business model continues to allow us to move resources efficiently around the group depending on the wider market climate, enabling us to deliver consistent returns.”

The firm will hold a capital markets day on 15 January.

Saga’s shares closed down by 2.4 per cent yesterday.

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