Hogg Robinson reports modest progress.
Investors Chronicle - magazine and web content, November, 2007
Hogg Robinson reported modest progress and thinks the credit crunch could even offer opportunities Nathalie Olof-Ors
The chunky rise in pre-tax profits largely reflects a GBP10.9m fall in financing costs following a change in the group's capital structure. In fact, Hogg's cash profits slipped 13 per cent in the period to GBP13.2m - largely thanks to a restructuring of the European operations. Although, adjust for the one-off prior year benefit from the World Cup and the picture isn't so bad - cash profits on that basis grew 14 per cent year-on-year.
While chief executive David Radcliffe says that there were some signs of softening demand for corporate travel and events expenditure, Hogg did sign-up new clients - including PepsiCo, Lloyds and UBS. And...
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