Hogg Robinson Group PLC AGM Statement (2782M)
27 July 2017 - 6:59PM
UK Regulatory
TIDMHRG
RNS Number : 2782M
Hogg Robinson Group PLC
27 July 2017
27 July 2017
Hogg Robinson Group plc
('the Company' or 'the Group')
AGM TRADING UPDATE
Trading in line with expectations
Strategy delivery on track
Ahead of today's Annual General Meeting, Hogg Robinson Group
plc, the international B2B services company, provides an update on
trading for the period from 1 April 2017 to date.
Current trading and outlook
Trading conditions for HRG during the period remained unchanged
from the second half of the last financial year. As expected,
travel clients remain cautious, and we are seeing the roll-over
effect of client losses from the prior financial year and the
slowdown of sales in the second half of last year on trading across
all regions. As companies increasingly look to HRG to help manage
their costs effectively and maximise the value of their spend, we
have continued to secure new clients including Bearing Point, EY
MGE (Europe), Sandvik and WSP.
Since the year-end, we have announced plans to work with a
number of the world's leading airlines to introduce New
Distribution Capability (NDC). We are actively involved in similar
discussions with other travel suppliers. Going forward our
technology will provide our clients with a unique content-rich,
omni channel service delivery. Building on this momentum, we
strengthened our HRG sales force in significant markets with
further recruitment planned.
The trading environment for Fraedom remains strong and our
pipeline of new business opportunities is robust, with healthy
interest from potential clients particularly in the Asia Pacific
and North America regions.
Hogg Robinson Group has traded in line with management's
expectations. The Board believes the Company will deliver a
full-year performance in line with its expectations.
Financial position
The Company's financial position remains robust and cash
generation across the Group has continued as expected through the
period.
David Radcliffe, Chief Executive of Hogg Robinson Group plc,
commented:
"Our ability to both drive and respond to change has, once
again, been fundamental to the Group realising its milestones
during the first quarter of the year. We have a clear strategy
focused on growing our two businesses while improving performance.
I am excited by the results we have seen to date and the initial
reaction from our clients and prospective clients. Our technology
investments are now demonstrably enabling us to drive efficiency
across our operations and to provide innovative solutions to our
clients. We are continuing to invest in both our businesses and
anticipate the returns on these investments will start to accrue
during the second half of the financial year. We remain on track to
deliver a full-year performance in line with our expectations."
- Ends -
Enquiries:
+44 (0)1256 312
Hogg Robinson Group 600
Michele Maher, Chief Financial
Officer
Angus Prentice, Head of Investor
Relations
+44 (0)20 3727
FTI Consulting 1340
John Waples
Alex Le May
Notes to Editors
Hogg Robinson Group plc is an international B2B services company
specialising in travel, payments and expense management. We help
companies, governments and financial institutions manage and
control their expenditure. We combine high-quality service
delivered by experienced staff with the very latest digital
solutions based on our own technology. Our aim is to provide
superior service and technology solutions that add real value to
our clients and meet their unique requirements. Established in
1845, Hogg Robinson Group today consists of two market-leading and
dynamic divisions - Fraedom, our FinTech business and HRG, our
global travel management business. Our brands are seen across 120
countries where we provide innovative technology and superior
services that add real value to our clients.
www.hoggrobinson.com
Forward-looking statements
This announcement may contain forward-looking statements with
respect to certain of the plans and current goals and expectations
relating to the future financial conditions, business performance
and results of Hogg Robinson Group plc. By their nature, all
forward-looking statements involve risk and uncertainty because
they relate to future events and circumstances that are beyond the
control of the Company, including amongst other things, the
Company's future profitability, competition with the markets in
which the Company operates and its ability to retain existing
clients and win new clients, changes in economic conditions
generally or in the travel and airline sectors, terrorist and
geopolitical events, legislative and regulatory changes, the
ability of its owned and licensed technology to continue to service
developing demands, changes in taxation regimes, exchange rate
fluctuations, and volatility in the Company's share price. As a
result, the Company's actual future financial condition, business
performance and results may differ materially from the plans, goals
and expectations expressed or implied in these forward-looking
statements. The Company undertakes no obligation to publicly update
or revise forward-looking statements, except as may be required by
applicable law and regulation (including the Listing Rules). No
statement in this announcement is intended to be a profit forecast
or be relied upon as a guide to future performance.
The release, publication, transmission or distribution of this
announcement in, into or from jurisdictions other than the United
Kingdom may be restricted by laws and therefore persons in such
jurisdictions into which this announcement is release, published,
transmitted or distributed should inform themselves about and
observe such restrictions. Any failure to comply with the
restrictions may constitute a violation of the securities laws of
such jurisdiction.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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