Hogg Robinson slumps after warning.
Investors Chronicle - magazine and web content, March, 2008
IN BRIEF: Corporate travel specialist faces falling demand as companies cut back. Avoid the shares. Nathalie Olof-Ors
Shares in corporate travel specialist Hogg Robinson have hit their lowest level since listing after the group warned that full year cash profits will be 10 per cent below the market consensus of GBP45m. The slump has led to renewed talk of a takeover by rival BCD.
Hogg Robinson said that it had been badly affected by weak demand for events planning, particularly from small and medium sized businesses. It also revealed that clients have delayed signing contracts with Spendvision, its expense management system.
At 42p, the shares are now worth less than half the 90p at which they floated at in late 2006 (and even that price...
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