LONDON (Alliance News) - Hogg Robinson Group PLC on Friday said it expects to meet market expectations for the financial year to end March, despite the corporate services company's revenue being held back by currency translation.
For the four months to the end of January, reported revenue fell 2% but was up 6% at constant currencies against the year before. Client travel transaction activity rose by 6% in the four months, while client spend was flat in reported terms, but up 4% at constant currency.
Hogg said its trading environment in the second half of its financial year has remained broadly the same as the first, with conditions in North America and the UK positive overall, but weakness in Continental Europe and Asia.
"We continue to make good progress against our strategic priorities and are confident that the actions we are taking will improve our long-term competitiveness and position us to benefit from the changes taking place in our industry. We expect market conditions to remain similar for the remainder of the year and anticipate a full-year performance in line with market expectations," said Hogg Chief Executive David Radcliffe.
Shares in Hogg were up 2.4% to 48.50 pence on Friday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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