Hogg Robinson Group PLC Trading Statement (2305X)
February 20 2017 - 1:00AM
UK Regulatory
TIDMHRG
RNS Number : 2305X
Hogg Robinson Group PLC
20 February 2017
20 February 2017
Hogg Robinson Group plc
('the Company' or 'the Group')
INTERIM MANAGEMENT STATEMENT
Trading in line and positioned to deliver on full-year
expectations
Hogg Robinson Group plc, the international corporate services
company, today issues its second Interim Management Statement for
the year ending 31 March 2017, covering the period from 1 October
2016 to date.
Current trading and outlook
Hogg Robinson Group plc has continued to trade in line with our
expectations during the second half of the Group's financial year
to date. The Board believes the Group will deliver a full-year
performance in line with market expectations.
As expected, the trading environment for HRG (Travel Management)
weakened in the second half of the financial year to date as our
travel clients responded to the current broader economic
uncertainty and we saw the impact of client losses announced at the
half year, as well as the continued move to online booking and
ongoing strong competitive pressure. In spite of these challenges,
we continue to expect HRG to deliver a full-year performance in
line with expectations.
We are now past the midway point of our three-year restructuring
programme which is designed to shape and realign the cost base of
our business. We are pleased with progress and are delivering as
planned. As ever, our use of technology remains at the forefront of
our business and a number of new initiatives have been implemented
across our businesses during the period, including the launch of
our new travel app which has been very well received.
Fraedom (Technology) revenue grew year on year in the period as
a result of increased sales with existing clients and newly
on-boarded clients facilitated by the investment undertaken in the
first half to support growth.
Financial position
The Group's financial position remains robust and we continued
to focus on reducing net debt in the period.
David Radcliffe, Chief Executive of Hogg Robinson Group plc,
commented:
"Against continued economic uncertainty, our ability to help our
clients manage their costs effectively and maximise the value of
their spend becomes ever more important. Our three-year
restructuring programme is progressing well and we have continued
our strategy of deploying our own technology across our businesses,
as well as exploring ways to innovate around our client
proposition. We continue to expect to deliver a full-year
performance in line with expectations."
- Ends -
Enquiries:
+44 (0)1256 312
Hogg Robinson Group 600
Michele Maher, Chief Financial
Officer
Angus Prentice, Head of Investor
Relations
+44 (0)20 3727
FTI Consulting 1000
John Waples
Matthew O'Keeffe
Alex Le May
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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