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Saga posts first-half profit

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(Reuters) – Over-50s tourism and insurance firm Saga Plc <SAGAG.L> reported a slump in first-half profit on Thursday, hurt by discounting in its tour operations and Britons scaling back travel plans ahead of Brexit and with an overhaul of its insurance business yet to bear fruit.

The company also warned that uncertainty related to Britain’s impending exit from the European Union was affecting consumers’ willingness to commit to holidays well into 2020/2021.

Saga had earlier said this sentiment was seen only this year.

The company, which offers escorted tours, river and ocean cruises as well as motor and home insurance, said pretax profit fell 52.1% to 52.6 million pounds for the six months ended July 31, below the company provided consensus figure of 55.0 million pounds.

(Reporting by Muvija M and Pushkala Aripaka in Bengaluru)

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