Hogg Robinson Group PLC AGM Statement (2782M)

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:

 
                                     [phone] 
 Hogg Robinson Group                  600 
 Michele Maher, Chief Financial 
  Officer 
 Angus Prentice, Head of Investor 
  Relations 
 
                                     [phone] 
 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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July 27, 2017 04:59 ET (08:59 GMT)