Saga Services reported strong results for the year ended 31 January 2004, with profits before tax surging from £64.7m to £100m.

Turnover increased by a third to £166m from £124m in the previous year.

A spokeswoman said the company had enjoyed an "exceptionally good year".

The group said that the year had seen "significant resources" invested in strengthening Saga's position in its chosen markets.

In early October, Saga agreed to a £1.35bn management buy-out, backed by Charterhouse.

The executive management team, led by chief executive Andrew Goodsell, will remain unchanged.