Hogg Robinson steady in H1 as travel spending bounces back

27th Nov 2013 15:30

Underlying first half profits were flat at travel management company Hogg Robinson, but rose 10% if a one-off technology sale last year is excluded. With revenues flat at £168.4m, Chief Executive David Radcliffe hailed the "steady progress" under the new strategic focus of improving its product offering and improving efficiency. He said he expected market conditions to remain similar to the first half for the remainder of the year, with "brighter prospects" for the coming years driven by internal actions and underlying market conditions.Broker Canaccord noted that client travel spend has turned positive, rising 4% year-on-year, along with transaction volumes, up 6%, which was a "material improvement" compared to last year's declines. Shares in the company were up 0.33% to 77p at 15:50 on Wednesday.OH