HRG reported that client travel transactions during the four months through January increased 6 percent versus the prior-year period

while client spending edged up 1 percent. The company's revenue fell 2 percent, though at constant currency showed no change. In its interim management statement for the fiscal year ending March 31, Hogg Robinson Group reported that a recovery in trading conditions is "continuing in the United Kingdom and North America, while markets elsewhere in Europe and in Asia present a mixed picture and remain generally weak." The travel management company noted "strong growth in domestic rail bookings, particularly in the United Kingdom. However, while there are some indications that international air travel activity across our client portfolio is beginning to re-emerge, growth continues to be slow." According to HRG chief executive David Radcliffe, the company is "cautious about the pace of recovery" and expects to achieve a full-year performance "in line with market expectations."