News was forthcoming.13 Feb 2014 08:37
RNS Number : 9173Z
Hogg Robinson Group PLC
13 February 2014

13 February 2014
Hogg Robinson Group plc
('HRG', 'the Company' or 'the Group')
INTERIM MANAGEMENT STATEMENT
Hogg Robinson Group plc, the international corporate services company, today issues its second Interim Management Statement for the year ending 31 March 2014, covering the period from 1 October 2013 to date.
Current trading and outlook
Although there continue to be ongoing uncertainties associated with the macroeconomic environment, the Board expects HRG to deliver a full-year performance in line with market expectations.
Trading conditions have remained similar in the second half of the financial year to date to those seen in the first half, with recovery continuing in the UK and North America, while markets elsewhere in Europe and in Asia present a mixed picture and remain generally weak.Sterling's strength against all the major currencies in which the Group's revenues are generated is having some translation impact.For the four months to end January, revenue declined by 2% (unchanged at constant currency) versus the prior year.Client travel transaction activity was higher by 6% while client spend rose by 1% (up 4% at constant currency).
The Group has seen strong growth in domestic rail bookings, particularly in the UK.However, while there are some indications that international air travel activity across our client portfolio is beginning to re-emerge, growth continues to be slow.
David Radcliffe, Chief Executive of Hogg Robinson Group plc, commented:
"Whilst we remain cautious about the pace of recovery and will continue to focus on maintaining a cost base that is appropriate to the market backdrop, we expect to deliver a full-year performance in line with market expectations.Looking further ahead, we continue to make good progress against our strategic actions to grow our business by continuing to evolve our offer and, at the same time, pursue measures to further improve our efficiency."
Financial position
The Group's financial position remains robust and cash generation across the Group has remained strong through the period.
There have been no material adverse events or transactions that have impacted the Group's financial position since 30 September 2013.
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