Flash note: Safe travel
Confirmation of second-half trading resilience should not surprise as Hogg Robinson Group (HRG) proved its mettle in the recession thanks to its predominantly managed income and strict cost control. Management is continuing to deliver on key initiatives despite market pressures, notably growth in managed travel and software-as-a-service (Fraedom) as well as restructuring and cash generation. The company is securely funded and committed to a progressive dividend policy (FY16e cover of 2.8x).Hogg Robinson Group is a holding company. Co. is a global B2B services company focusing on travel, payments and expense management. Co. helps companies, governments and financial institutions manage and control their expenditure. Co. has two core activities: HRG, which is Co.'s global travel management business; and Fraedom, which is Co.'s FinTech business that provides cloud-based software to assist customers manage their payments and expense management needs.
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