Update: Business as usual
A 10% rise in half-year trading profit backs up clear H215 recovery. Hogg Robinson (HRG) is delivering positive signs of meeting key objectives, ie reduced cost base (annualised savings of £7m) and net debt (-5% y-o-y), as well as growth in its managed travel business. Meanwhile, its enhanced technology offering, boosted by the new Fraedom brand, is being well received. However, the current uncertain environment of the travel industry suggests caution. We are slightly shading our expectations of profit for this year and next but, importantly, not of the dividend, which remains securely covered (FY16e 2.8x) and financed.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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