Travel and insurance giant Saga says it has had “an exceptional start to the year” for its ocean and river cruise operations.

The firm, founded in Folkestone and specialising in services for the over-50s, says its ocean cruise business is up 83% on the same time last year, and its river cruises up 78%.

The news came ahead of its recent AGM where shareholders were informed the firm has traded “in line with expectations” for the first four months and “remains on track for the full year”.

However, it warned market conditions for insurance “remain challenging”.

Mike Hazell, Saga’s group chief executive, said: "Saga has made a good start to the new financial year. Our ocean cruise business has traded exceptionally well and, in insurance, we have continued to take actions within a market which remains challenging.

“Looking ahead, we are focused on driving sustainable business growth in a capital-light way, while growing our customer base and deepening our connections with those customers."

The firm closed its Sandgate headquarters, near Folkestone, in 2023, opting instead for a number of regional hubs.