Over-50s group Saga today reached out to investors by launching a new wealth management business and promising to pay a chunky dividend this year.
The company, whose services range from cruise ship holidays to insurance, went public last May but saw its shares tumble below the 185p offer price shortly after.
Boss Lance Batchelor, who joined partway through the flotation process, said it plans to broaden its product range by teaming up with Tilney Bestinvest to create Saga Investment Services.
Ahead of a capital markets day in the City, Batchelor said Saga also plans to pull out of local authority healthcare and will pay a dividend at the top end of market expectations.
He added: “In the 10 months that I have led the business, I have seen the depth of insight into our core demographic that our unique database provides, the potential of our brand, the consistent performance of the group, in particular our insurance business, and the quality of our people.
“The strategy that we outline today shows how we intend to use these competitive strengths to unlock the potential of our existing businesses and to continue to explore new areas of growth, while maintaining our capital-light, cash-generative operating model.”
The shares edged up just 0.6p to 161.5p.
