Saga’s travel business is bouncing back after the damage inflicted by the pandemic, according to its latest financial figures.

The company, founded and up until recently headquartered in Folkestone, says its ocean cruise business had “an outstanding year” and “far exceeded” its initial earnings targets.

Meanwhile, its river cruise and travel divisions both returned to profit for the first time since the pandemic.

Its preliminary reports for the year ending January 31, revealed underlying profit was more than double that of the previous year while its net debt has been reduced by £74.5 million over the 12 months.

The company, which specialises in products for the over-50s, said it was now looking at potential partnerships across both its ocean cruise and insurance businesses.

Mike Hazell, Saga's group chief executive, said: “Looking ahead, forward bookings are strong.

"While our insurance business continued to be hindered by challenging conditions, with inflationary headwinds impacting policy volumes and margins, particularly for our three-year fixed-price policies, we are taking the necessary actions to reposition the business.”

“I am confident in our strategic direction, which underpinned by the strength of our brand, allows us to continue to serve our unique customer base. Our decision to accelerate our partnership strategy will provide us with a capital-light route to growth, reducing debt and delivering long-term sustainable value for all our stakeholders."

The company sold its Sandgate headquarters and has disposed of a number of other key buildings in the county over recent years.

It still employs many in the county, although they are now mostly home-based.