24th Jul 2015 10:17
LONDON (Alliance News) - Hogg Robinson Group PLC Friday said it has traded in line with its expectations since its last financial year came to an end, and expects the current year to be in line with market expectations.
The corporate services company said that revenue was down 3% year-on-year in the three months ended June 30, and unchanged at constant currency.
"While client travel activity was 4% higher, client travel spend was 1% lower year-on-year at constant currency and down 5% on reported, reflecting our ongoing work to help clients save money and maximise the value of their travel-related expenditure," Hogg Robinson said.
Hogg Robinson noted the similarity of current market conditions with those seen in the second half of its last financial year. The company said there has been "ongoing recovery" in the UK and North America travel markets, and "generally weak" conditions in Continental Europe and Asia.
"We are continuing to restructure our business and align our cost base as appropriate to grow profits while ensuring that we continue to deliver excellent service to our existing clients at all times. Our pipeline of new business opportunities remains strong and we see ample scope to grow our business profitably around the world," the company said.
Hogg Robinson's financial year runs to March 31.
Hogg Robinson shares were flat at 70.00 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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