Hogg Robinson Group for the six months to Sept. 30 reported underlying profit before tax of £21.3 million,

up 22 percent on the same period in 2010. Revenue rose 10 percent, or 6 percent at constant currency, to £186.8 million. The company reported growth across all regions and in its Spendvision expense management business. Chief executive David Radcliffe said that while remaining "mindful of prevailing macroeconomic uncertainty," HRG expects to deliver full-year results in line with expectations. Investment analyst Collins Stewart this morning issued a note forecasting HRG to return a profit of £47 million for the 12 months to March 2012.