On a journey
Hogg Robinson (HRG) has combined a strong set of financials with a declaration of medium-term growth initiatives in both travel management and FinTech. Importantly, their implementation should be facilitated by the success of management’s largely completed restructuring and deleveraging programme. While there will be a short-term cost (we are reducing our current-year PBT forecast by 17%), this is wholly related to stated opex investment rather than any business deterioration (our revenue forecast is unchanged). Robust finances (FY17 net debt/EBITDA of just 0.3x) should allow continued dividend growth (FY17 cover of 3.0x).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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