Update: Rising to the challenge
23% lower trading profit in H1 confirmed the sustained mix of pressures, highlighted in July’s cautious IMS. While absorption of the major new Government of Canada contract was an exceptional factor, increased client online self-booking, a weak Continental European SME market and aggressive competitor pricing underline challenges facing Hogg Robinson (HRG). We are therefore encouraged that restructuring is now being accelerated by management, which has a proven ability to adjust costs effectively. HRG is increasingly well financed (1.1x net debt/EBITDA for the last year) and committed to a progressive dividend (FY15e cover of 2.7x).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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