Saga Group has reported a loss of £55 million for the six months to the end of July as the company battles the fallout from the Covid-19 pandemic.
The figure included a £60 impairment charge related to the outbreak.
In response, the insurance and travel group has announced it will raise £150 million in fresh equity.
Saga said the move would allow the company to reduce leverage and significantly balance sheet risks.
Euan Sutherland, Saga Group chief executive, explained: “Saga has made significant progress in the first half.
“Through this year our priorities have been serving our customers and keeping colleagues safe during a period of major disruption and further strengthening our financial position.
“While taking decisive action to react to the Covid-19 outbreak, we have also continued to make progress in our businesses.
“This is clearly shown in Insurance with the success of our three-year fixed-price product and our Covid-19 travel insurance product, and in cruise by the imminent arrival of our second new ship, Spirit of Adventure.”
He added: “We have conducted a comprehensive review of strategy and have developed a plan which we believe will strengthen our brand, improve our focus on our customers,…