Update: Reassuring
IMS confirmation of continued momentum after a clear H215 recovery is encouraging, even if structural pressures persist. Hogg Robinson (HRG) is responding well to a changing corporate travel market, with further good progress in ensuring a suitable cost base, while its enhanced technology offering strengthens its ability to serve the wider travel industry and expense sectors. Despite marked share price outperformance since May’s results, the rating is modest and cash generation (confirmed by the IMS as “strongâ€) amply underpins management’s progressive dividend policy.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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