Update: Unexpected turbulence
The IMS warning of a likely full-year profit shortfall is all the more disappointing, given the strong end to FY14 and Hogg Robinson’s hard-won reputation for earnings resilience. However, there have been exceptional contributory factors, notably absorption of the major new government of Canada contract and the buoyancy of sterling, while management has a proven ability to adjust costs effectively, which should benefit as early as H2. Hogg Robinson remains very well financed and committed to a progressive dividend.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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