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Hogg Robinson announces rise in pre-tax profit
Hogg Robinson has reported a modest increase in half yearly pre-tax profits to £16 million, up 3% year on year, but revenue was 2% down at £168.4 million.
The group’s operating profit fell 13% from £20.7 million in 2012 to £18.1 million and the earning per share was down from 3p to 2.4p.
However, due to an ongoing cost cutting programme which includes closing offices and reducing staff, the group shaved £20 million off its debt during the six month period.
The interim dividend per share was increased from 0.6p to 0.63p.
Chief executive David Radcliffe said the trading environment in the second half remained "broadly similar" to the first six months, with a modest recovery in the UK and North America but in the rest of Europe and in Asia markets remain weak.
Revenue in October was 1% up year on year, while trading in November has been in line with expectations.
"HRG has yet again achieved steady progress," he said. "At the full-year results in May, we outlined the strategic actions we are taking to grow our addressable market by continuing to evolve our offer and, at the same time, the measures to further improve our efficiency.
"During the first half, we have made good progress against these short and longer-term priorities, whilst ensuring that we continue to deliver good value to our clients.
"Notwithstanding that we expect market conditions to remain similar to the first half for the remainder of the year, we see brighter prospects for the coming years driven by the actions we are taking and underlying market conditions. For the full year, we continue to anticipate a performance in line with current market expectations."
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Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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