Update: Getting back on track
After H1 disappointment Hogg Robinson (HRG) successfully addressed immediate pressures with a clear second-half recovery (trading profit -6% against -23% in H1), despite little help from conditions. However, by its own admission the challenge remains “to get ahead of the curve†in a changing corporate travel market, marked by continuing headwinds – notably competitor pricing and internet-driven business. Encouragingly, HRG is increasingly well financed (1.0x net debt/EBITDA in FY15) and committed to a progressive dividend (FY16e cover of 2.9x).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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