HRG revenues flat

Revenues for Hogg Robinson Group (HRG) have remained flat in its half-year accounts, while underlying pre-tax profit increased by 3% to £16m.

HRG reports 16% pre-tax profit drop
HRG reports 16% pre-tax profit drop

Revenues were down slightly at £168.4m, from £168.9m in 2012, while underlying pre-tax profit increased by 3% to £16m.

Revenues in October were up 1% compared to last year and trading in November has been in line with expectations.

Last month, HRG also announced that it had won a global contract to deliver meetings and events for telecoms giant Vodafone.

The group anticipates that results for the rest of 2013 will be similar to the first half, with a modest recovery in the UK and North America, while European and Asian markets are likely to remain weak.

Chief executive David Radcliffe said: "HRG has yet again achieved steady progress. At the full-year results in May, we outlined the strategic actions we are taking to grow our addressable market by continuing to evolve our offer and, at the same time, the measures to further improve our efficiency.

"During the first half, we have made good progress against these short and longer-term priorities, whilst ensuring that we continue to deliver good value to our clients.

"Notwithstanding that we expect market conditions to remain similar to the first half for the remainder of the year, we see brighter prospects for the coming years driven by the actions we are taking and underlying market conditions. For the full year, we continue to anticipate a performance in line with current market expectations."

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