Saga’s cruise load factors are at 77% for 2021/22 and 48% for 2022/23 while its tour bookings have reached 60% of its revenue targets for this year and 27% for 2022/23.

In a trading update for the four months up to mid June, the over 50s travel and insurance specialist said its customer retention rates have remained high during the pandemic.

The operator expects to resume operations on 27 June.

It said its cash burn rate for the year to date is at the lower end of its guidance of £7m to £9m per month and it is continuing to reduce its debt. Describing its liquidity position as ‘strong’, Saga said it had £78m available cash at the end of May.

Group Chief Executive Officer Euan Sutherland added: “Saga has made further strong progress, delivering against all the pillars of our turnaround plan. In Insurance we have continued to support customers and delivered another resilient performance. In Travel we are clearly focused on the safe return to service and ensuring we can satisfy the significant pent-up demand from customers.

“Our focus on enhancing our financial position, while driving simplicity and efficiency across the business remains and we are well progressed with our plans for a brand relaunch and to transform our data and digital approach.

“Saga is a strong brand with loyal customers and great people, and we will continue to innovate, driving change in our markets and strengthening our customer relationships. Looking ahead, while we are mindful of continued uncertainties around COVID-19 and the outlook for the consumer economy, we are confident we have the right strategy and people in place to return Saga to sustainable growth.”

The company will hold its AGM at 11am today.