Half year figures show £6.1m profit
Hogg Robinson Group (HRG) today (Novermber27) reported a 24.5% rise in pre-tax profits for the six months ending September 30.
The travel management company said its profits rose from £4.9m for the same period in 2007 to £6.1m this year.
The group said its revenue during the period rose by 10.8% and it enjoyed a 90% client retention rate.
HRG said that in the six months it had "continued good growth" with net business wins over the six months.
It said business in Europe was "solid" while there were "early signs of progress in North America", the result of previous investments.
Business in the Asia Pacific region was also continuing to grow.
David Radcliffe, HRG's ceo, said that while the group was not immune to the current market conditions, "the fundamentals of our business remain sound."
He added: "We are pleased to have delivered a modest increase in profits and are reassured by the fact that our clients continue to travel, albeit in many cases they are travelling differently.
He said HRG strategy was to mange business on a cautious outlook. The group was continuing to reduce its costs and was winning more business than it was losing.
Mr Radcliffe said: "In the prevailing macroeconomic climate it is very difficult to predict with any certainty the outcome for the second half of our financial year.
"Nonetheless, given all that we can see currently in terms of workload, combined with the benefit of our cost and efficiency actions, we remain hopeful of finishing the year within current expectations."
www.hrgworldwide.com