Hogg Robinson H1 Pretax Profit Drops

Hogg Robinson Group PLC

reported a 19% decline in its first half pretax profit. Hogg Robinson posted a pretax profit of 9.2 million pounds ($14.44 million) for the six months, versus a year-ago pretax profit of GBP11.4 million. Earnings per share slipped 21% to 1.9 pence versus 2.4 pence. Underlying profit before tax dropped to 11.3 million pounds from 16.0 million pounds, while underlying earnings per share declined to 2.3 pence from 3.5 pence. Its revenue dropped 4% to GBP162.3 million, while revenue gained 2% on a constant currency basis. The company also maintained its interim dividend per share of 0.63 pence per share. Chief executive David Radcliffe said: "Our strategy of growing our Managed Travel business and developing our Software as a Service business remains unchanged. Whilst there have been and continue to be near-term challenges, we have made good progress during the first six months of the current year in delivering on our medium-term strategic priorities. Our client retention and new signings bode well for the future, as does our healthy new prospect pipeline.”