| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: SUPPORT SERVICES |
Recession takes toll at Hogg Robinson |
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Fri 27 Nov 2009
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LONDON (SHARECAST) - Recession has meant less need for business travel, which hit agent Hogg Robinson in the first half with profits almost halving.
Revenue and operating profit for the six months to September fell by 9.2% to £155m and 37.2% to £7.1m respectively. Reported profit before tax was £3.3m compared to £6.1m. Underlying profits were down £0.3m at £7.5m
"Despite some early signs of stabilisation, the market remains challenging with limited forward visibility. 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," it said.
Overall, it still expects to hit expectations this year and the interim dividend is 0.4p.
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