13th Feb 2014 12:00
LONDON (Alliance News) - Hogg Robinson Group PLC said Thursday that it will meet full year expectations, but expressed caution about the market recovery and the strengthening of sterling.
The corporate services company said trading conditions in its second half had been similar to the first half, as it continued to see a recovery in the UK and North America while Europe and Asia remained generally weak.
Hogg Robinson noted that sterling strengthened against all the other major currencies it generates revenues in, hitting its results. In the fourth months to the end of January, revenue declined 2% compared with the previous year, while they were unchanged at constant currency rates.
The company said it had seen strong growth in domestic rail bookings, particularly in the UK, but growth in international air-travel activity continued to be slow.
"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 expected to deliver a full-year performance in line with market expectations," said Chief Executive David Radcliffe in a statement.
Shares in Hogg Robinson were trading up 0.3% at 82.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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