Hogg Robinson Group PLC Trading Statement (9824E)
July 22 2016 - 4:14AM
UK Regulatory
TIDMHRG
RNS Number : 9824E
Hogg Robinson Group PLC
22 July 2016
22 July 2016
Hogg Robinson Group plc
('the Company' or 'the Group')
INTERIM MANAGEMENT STATEMENT
Trading in line with expectations
Ahead of today's Annual General Meeting, Hogg Robinson Group
plc, the international corporate services company, announces its
first Interim Management Statement for the year ending 31 March
2017, covering the period from 1 April 2016 to date.
Current trading and outlook
Hogg Robinson Group has traded in line with our expectations
during the period since the year end. The Board believes the
Company will deliver a full-year performance in line with market
expectations.
For the three months to 30 June 2016, revenue rose by 2% (3%
lower at constant currency) versus the prior year, while client
travel transaction activity was down by 3%. Market conditions
during the current financial year to date have remained broadly
similar to those seen during the second half of last financial
year.
In relation to any EU referendum effect, whilst there has been
an initial softening in activity, it is too early to assess if
there will be any specific, longer-term impact on the Company.
However, we enter this period of post-referendum uncertainty in a
resilient position and we are confident that our strategic
priorities and the actions we are taking will continue to deliver
positive results for our clients, our business and our
shareholders.
Across its two businesses, HRG (Travel Management) and Fraedom
(Technology), the Company provides services and technology to
clients which typically operate across multiple countries and
continents. While the Company's revenue has some exposure to
exchange rate fluctuations, our earnings performance is not
materially exposed to exchange rate movements, as operational costs
are generally matched or offset by revenues generated in the same
local currency.
Our work to restructure our operations and to drive further
efficiencies throughout our operations continues as we align our
cost base as appropriate.
Financial position
The Company's financial position remains robust and cash
generation across the Group has remained as expected through the
period.
David Radcliffe, Chief Executive of Hogg Robinson Group plc,
commented:
"Despite a more uncertain macroeconomic outlook since the Brexit
vote, our travel management business is well positioned to work
closely with clients to help them save money and maximise the value
of their travel-related expenditure whilst Fraedom, our technology
business, is focused on capturing the significant growth
opportunity in the payments, expense and travel management markets
through the use of its innovative technology.
"We remain on track to deliver a full-year performance in line
with market expectations and are confident that our strategic
priorities and the actions we are taking will continue to deliver
positive results for our clients, our business and our
shareholders."
- Ends -
Enquiries:
+44 (0)1256 312
Hogg Robinson Group 600
Michele Maher, Chief Finance
Officer
Angus Prentice, Head of Investor
Relations
+44 (0)20 7353
Tulchan Communications 4200
Stephen Malthouse
Notes to Editors
Hogg Robinson Group plc is an international corporate services
company. Established in 1845 and headquartered in Basingstoke,
Hampshire, UK, the Company specialises in travel, expense, payments
and data management underpinned by proprietary technology. With a
worldwide network that comprises over 120 countries, the Company
provides unparalleled global expertise and local knowledge in
Europe, North America, Asia Pacific, Africa, Latin America and
MEWA.
www.hoggrobinson.com
Forward-looking statements
This announcement may contain forward-looking statements with
respect to certain of the plans and current goals and expectations
relating to the future financial conditions, business performance
and results of Hogg Robinson Group plc. By their nature, all
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that are beyond the
control of the Company, including amongst other things, the
Company's future profitability, competition with the markets in
which the Company operates and its ability to retain existing
clients and win new clients, changes in economic conditions
generally or in the travel and airline sectors, terrorist and
geopolitical events, legislative and regulatory changes, the
ability of its owned and licensed technology to continue to service
developing demands, changes in taxation regimes, exchange rate
fluctuations, and volatility in the Company's share price. As a
result, the Company's actual future financial condition, business
performance and results may differ materially from the plans, goals
and expectations expressed or implied in these forward-looking
statements. The Company undertakes no obligation to publicly update
or revise forward-looking statements, except as may be required by
applicable law and regulation (including the Listing Rules). No
statement in this announcement is intended to be a profit forecast
or be relied upon as a guide to future performance.
The release, publication, transmission or distribution of this
announcement in, into or from jurisdictions other than the United
Kingdom may be restricted by laws and therefore persons in such
jurisdictions into which this announcement is release, published,
transmitted or distributed should inform themselves about and
observe such restrictions. Any failure to comply with the
restrictions may constitute a violation of the securities laws of
such jurisdiction.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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