Hogg Robinson expects earnings dip after series of setbacks
Wednesday, March 19, 2008
Corporate services business Hogg Robinson disappointed investors today with news of a series of setbacks among its business operations. It said these were likely to cause EBITDA expectations of £45 million to fall short by around 10% in the year ending 31 March 2008.
The company said weak demand at its Events and unmanaged SME business had continued. In addition, its Spendvision expense management business experienced delay in new clients signing contracts. Elsewhere, HRG's core managed clients continued to trade in line with expectations.
The company noted that its European restructuring programme was progressing, with expected annual savings of around £5 million. Additional cost savings in the group should realise in the region of £1 million, it said.
Chief executive David Radcliffe, said: “This trading setback is disappointing but we are taking, and will continue to take decisive action to mitigate the effects of the economic downturn and to ensure that the group is positioned well for next year.”
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