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Hogg Robinson sees profits slump
CORPORATE travel firm Hogg Robinson Group posted a 46 per cent fall in first-half pre-tax profits due to lower activity levels amid the economic slowdown and slashed its dividend.
However, the company said it expected full-year performance to be in line with market estimates.
"We have seen some recent signs that clients are relaxing their travel policies and starting to travel more, but it is too early to say whether this will mark the beginning of a sustained recovery," Hogg Robinson said in a statement.
The group declared an interim dividend of 0.4p, down 67 per cent from last year's 1.2p.
For the six months to September 30, the company said its pre-tax profits fell to 3.3m from 6.1m last year. Revenues decreased nine per cent to 155.3m.
The company incurred an exceptional charge of 2.3m for the first half due to its restructuring initiatives in the Nordic region and the UK.
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Thursday 24 May 2012
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