LONDON (Alliance News) - Corporate services provider Hogg Robinson Group PLC on Friday said trading in the first quarter met its expectations and it remains in line to meet market forecasts for the year to the end of March 2017.
In the three months to the end of June, revenue for the group grew 2.0%, but fell 3.0% in constant currencies. Client travel transaction revenue declined 3.0%.
The firm's operates the HRG travel management unit and the Fraedom software-as-a-service unit for the business travel market.
Hogg Robinson said it has seen an "initial softening" in activity following the UK's vote to leave the European Union, but said it remains too early to assess whether it will face any long-term challenges from the Brexit decision.
However, it said it remains in a robust position to navigate through the challenges and is confident on its strategic direction.
"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," said David Radcliffe, Hogg Robinson's chief executive.
"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," Radcliffe added.
Hogg Robinson shares were down 5.5% at 60.50 pence Friday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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