Over-50s travel and insurance specialist, Saga, has made a full-year loss of £135m and blamed a fall in holiday bookings on Brexit uncertainty.

Shares in the company fell 37 per cent, as reported by Sky.

The company said it was facing increasing challenges, particularly in the insurance market, which has affected both customer numbers and profitability.

Factors including a squeeze on margins in insurance, where it has become increasingly reliant on price comparison websites, and investment in new products means the company is expecting another big fall in profits for the current year.

Tour booking for the current year are down, with Saga saying Brexit uncertainty has played a big part. Booking sales were 7.6 per cent down in the 12 weeks to 23rd March.

Saga said it had become successful through brand loyalty and competitive pricing, but that its customers were increasingly buying cheap rival products online.

It is now moving away from competing to offer the lowest price on insurance to trying to offer a unique product for its demographic.

The company also plans to shake up its tour operations business to make it a better niche provider, boosting profit margins, but not necessarily sales.

Punchline said: "We know lots of over-50s who aren't ready to take a Saga holiday just yet. The brand doesn't appeal to the lower end of its customer base, so the changes may be too little, too late."