HRG results reveal TMC’s resilience
Revenue fell by 7% but underlying profits rose by 15% before tax, according to Hogg Robinson’s preliminary results for the year ending March 31.
The travel management company reported its underlying operating profit margin was up by 1% to 10.8% and net debt was down £7.8 million to £77.5 million. It said client activity levels were recovering and its retention rate remained above 90%, with a “strong pipeline” helping drive growth.
The results show that in Europe margins were maintained despite lower travel activity and in North America there were moves into profit, thanks to a cost reduction programme. The company added that there had been a sharp rise in client adoption of lower-cost technology solutions, improving value to the customer.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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