Hogg Robinson half-year profits drop 46%

Friday, November 27, 2009

Rob Gill


Business travel agency Hogg Robinson has seen profits fall by 46% after clients cut their travel budgets during the recession.



Pre-tax profits for the six months to the end of September were £3.3 million compared with £6.1 million for the same period in 2008.

Revenue also fell by 9%, from £171 million in 2008 to £155.3 million for the interim period.



But the company said that it was well placed to take advantage of any economic upturn and claimed to have seen some signs that clients are relaxing their travel policies.



David Radcliffe, chief executive of Hogg Robinson Group, said: “Our ability to help customers control their travel budgets has helped to maintain our strong client retention rate and secure net new wins.

“We have continued to control our cost base tightly without damaging our ability to benefit from the upturn when it arrives.”


Radcliffe also claimed that clients booking cheaper travel options had only minimal impact on its fee-based income and that the group had retained 90% of its customers.

Hogg Robinson said the UK market had performed “reasonably strongly” as the group had cut costs and increased the number of homeworkers to more than 180 as part of its "virtual" service network.

HRG snatches back contract from Amex (27 Mar 2009)
HRG's David Radcliffe wins Deloitte award (3 Mar 2009)
Hogg Robinson 'optimistic' about financial growth (21 Jul 2008)



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