Rise in corporate travel boosts Hogg Robinson

BUSINESS travel firm Hogg Robinson yesterday raised its profit expectations for the full-year due to a boost in travel activity, particularly in the Asia Pacific region.

Hogg Robinson said travel books rose 15 per cent in the four months to the end of January, while the amount spent per client rose 15 per cent in real terms compared with last year.

The company, which owns or controls operations in 25 markets in North America, Europe and Asia Pacific, said there was no material financial impact from the weather disruptions over Christmas.

According to the Office for National Statistics, the number of Britons travelling abroad fell 15 per cent in December compared with a year earlier

Air freight grew by over one fifth in 2010, in a sign of global economic recovery, but severe weather in Europe and North America dented passenger demand at the end of the year, according to airline body IATA.

Before the firm’s interim management statement, analysts were expecting a pre-tax profit of £31.3m on revenue of £349.4m.

Hogg Robinson shares, which have gained more than a quarter of their value since the firm beat first-half forecasts in November, closed up 6.2 per cent at 47.25p yesterday.