Hogg Robinson Group plc (HRG.L), a corporate travel services company, Friday reported lower profit for the six-month period ended on September 30, with revenues declining 9.2%. The company declared an interim dividend and said that it continues to expect full-year performance in line with market expectations.
Profit for the period attributable to equity shareholders of company was GBP 1.7 million, compared with GBP 3.4 million in the year-ago period. Earnings per share declined to 0.5 pence from 1.1 pence in the previous year. Underlying earnings per share were 1.6 pence, higher than 1.5 pence in the same period of fiscal 2008.
The company also reported six-month period profit before taxation of GBP 3.3 million, lower than GBP 6.1 million reported in the same period a year ago.
Hogg Robinson's half-yearly revenue totaled GBP 155.3 million, down 9.2% from GBP 171 million last year. Currency movements improved revenue by 5.8%. On a constant currency basis, revenue was down 15%.
Commenting on the results, David Radcliffe, Chief Executive of Hogg Robinson Group plc, said, "In the middle of a tough recession we have delivered a very resilient performance."
The company also said that its Board declared an interim dividend of 0.4 pence per share, payable on January 6, 2010 to shareholders on the register at December 11, 2009.
Going ahead, Hogg Robinson said that despite some early signs of stabilization, the market remains challenging with limited forward visibility. The company's board continues to believe that the group will deliver its full-year performance in line with market expectations. Looking further ahead, the company believes that it is well positioned to respond to the market when it recovers.
HRG.L is trading at 38 pence on the LSE, down 0.50 pence, on a volume of 8,761 shares.
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