Shares in Hogg Robinson were up on the FTSE All Share after the corporate travel company reported a doubling of its pre-tax profit in the half year ended 30 September.
Revenue was reported as rising nine per cent from the same period the previous year to £169.2 million, while pre-tax profit before exceptional items increased 104 per cent to £15.3 million. After exception items pre-tax profit was up 303 per cent to £13.3 million.
The group said that it had managed to cut its net debt in the period by £10.2 million to £85.8 million.
In addition Hogg Robinson said it would by raising its dividend 25 per cent to 0.5 pence per share.
David Radcliffe, Chief Executive of Hogg Robinson, said, "This is a very good set of results with operating profit up by more than 70% and EPS more than double. Our strategy and business model have delivered over the last two years. We have a proven management team, a disciplined approach to cost control and a relentless focus on our customers. As a result, we are well placed to leverage our global infrastructure and to take advantage of the improving climate and growth prospects available to us.
"Uncertainty about the global economy will continue but we are encouraged by the current signs of recovery in corporate travel and the Board believes that we will be slightly ahead of our previous expectations for the full year."
By 14:20 shares in Hogg Robinson were up 0.72 per cent on the FTSE All Share to 35.00 pence per share.