4th May 2007 07:01
Hogg Robinson Group PLC04 May 2007 4th May 2007 Hogg Robinson Group plc ('HRG' or 'the Group' or 'the Company') Trading update including announcement of changes to the Board Hogg Robinson Group plc, the international corporate services company, todayannounces a trading update in respect of the year ending 31st March 2007. The Board considers that HRG has made good progress since its Listing inOctober, consistent with its strategy to grow the business both organically andby acquisition, and confirms that that the Group's results are anticipated to bein line with market expectations. The Board expects to recommend a dividend payment in respect of the second halfof the year, based on earnings for the full six months before the deduction ofcosts relating to the Listing. The payment for the six months will be in linewith the dividend policy as stated in the Prospectus*. The Group's preliminary results will be announced no later than 4th July 2007 atwhich time John Kennerley, Group Finance Director, will be stepping down fromthe Board. His successor is Colin Child, formerly Finance Director of StanleyLeisure PLC, Fitness First PLC and National Express Group PLC who will beworking with John Kennerley to ensure a seamless transition. David Radcliffe, Chief Executive, commented: "Our first six months as a quoted company have been pleasing. We have continuedto focus on high client retention and new business wins, underpinned byoperational efficiencies. The Board would like to thank John Kennerley for his contribution. His tenureat HRG has seen him involved in some exciting opportunities from the MBO throughto the IPO and the various disposals and acquisitions we have undertaken overthe last seven years. He has been a very good support to the Company and wewish him well for the future. We are delighted to have found such a strongreplacement in Colin Child and look forward to the value which his undoubtedexpertise will bring to the Company." < ends > Enquiries Bell Pottinger Corporate & Financial +44 (0) 20 7861 3232Nick Lambert / Andrew Benbow Further information Hogg Robinson Group's dividend policy The prospectus issued at the time of the Group's admission to listing on themain market of the London Stock Exchange stated inter alia that "the Directorscurrently anticipate that the Company's proposed dividend payout ratio (theratio of the sum of the dividends declared to the post-tax profit after minorityinterests) will be in the range of 50% to 65% in respect of the financial yearended 31st March 2008". Colin Child is a qualified chartered accountant and for over ten years operatedas the Finance Director of three international services sector public companies. Colin is married with two children and lives in Hampshire. About Hogg Robinson Group plc: * Hogg Robinson Group is an award-winning international corporate services company providing a range of services which add demonstrable value to its corporate clients' travel expenditure. These services include Corporate Travel Management, Consulting, Expense Management, Events & Meetings Management, and Sports. HRG targets the international and national managed sector, where clients require a range of globally-integrated and tailored travel and expense management services. * Managed clients tend to be multinational companies (MNCs) or large national companies which are characterised by having substantial corporate travel expenditure which results in them wishing to manage travellers and expenditure actively and centrally. HRG also provides services to small and medium sized enterprises, which are a significant market for the company in certain countries. * Hogg Robinson Group's growth strategy focuses on achieving increased customer penetration, entry into new markets and increasing its range of services, and developing new higher margin services for large MNCs which are attracted to HRG's offering of managed corporate travel programmes. * Hogg Robinson Group has its headquarters in the UK and has owned or controlled operations in 24 countries throughout Europe, North America and Asia Pacific (AsPac). It employs approximately 7,000 people and is designed to provide a seamless service to its clients under a single brand. * In addition to its owned companies, HRG operates a global network which, in addition to Europe, North America and AsPac extends to Latin America, Africa and the Middle East bringing its current total reach to 96 countries. HRG has a long-established working relationship with the large majority of its contracted partners. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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