HRG's underlying profit was flat but net earnings dropped 48 percent to £2.2 million in the six-month period ending 30 September

. Nonrecurring restructuring charges for staff reductions in the Nordic region and United Kingdom cut the bottom line as both revenues and operating costs fell by about 15 percent on a constant currency basis. Revenue in North America grew 6 percent, in Europe fell 14 percent and in Asia-Pacific increased by 1 percent. "We have seen some recent signs that clients are relaxing their travel policies and starting to travel more, but it is too early to say whether this will mark the beginning of a sustained recovery," according to HRG.