Overview

• The group posted a pre-tax profit of £3.7 million for the six months to July 31, reversing a £116.9 million loss a year earlier.
• Travel momentum included a 13% rise in passengers on group tours and hotel stays, a 92% cruise load factor, and about two-thirds repeat ocean-cruise customers.
• Travel profit rose 33% to £41.6 million, with strong forward bookings, and the company guided that full-year profits should be in line with last year.
• Net debt fell to £515.1 million from £617.2 million a year earlier, helped by refinancing with a £335 million facility due 2031 and repayment of near-term borrowings.
• Insurance was restructured through the sale of underwriting to Ageas and a 20-year broking partnership launching later in 2025, while higher financing costs cut underlying pre-tax profit by 5% to £23.5 million and the company reiterated a target of at least £100 million by January 2030.