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Annual Results

Hogg Robinson profits up in line with forecasts

24 May 2016 07:35

Hogg Robinson Group reports full-year profits in line with expectations.

Reported profit before tax rose by 15% to GBP26.7m, driven mainly by revenue growth in Fraedom and cost restructuring actions in Travel Management. Underlying profit before tax rose by 6% to GBP32.2m and underlying operating profit was up 5% at GBP44.8m with margin increasing to 14.1% from 12.9%.

Revenue at GBP318.3mwas down 2% on a constant currency basis, down 4% as reported, with most of the decline driven by Europe and Asia Pacific.

Chief executive David Radcliffe said: "Hogg Robinson Group made good progress during the year. Our Travel Management business, HRG, which helps clients optimise their travel spend, continues to leverage its technology and service delivery platform to offer clients a better travel experience whilst also maintaining our profitability. At the same time, Fraedom, our exciting technology business, is growing strongly, capturing the demand for disruptive technology in the SaaS areas of payments, expense and travel management. "Looking forward, the Board has confidence for the year ahead with the Company focused on making further earnings progress. With net debt to EBITDA below our target range, we now have the opportunity to refresh our view on appropriate capital structure, taking into account the potential benefits of increased investment in the business and whether there is scope to enhance returns to shareholders."

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