Revenue at Hogg Robinson Group for the four months through January dropped 7 percent,

or 6 percent at constant currency, according to an interim management statement. The decline resulted from a 2 percent decrease in client transactions and a 3 percent (2 percent at constant currency) decline in client spend. Chief executive David Radcliffe indicated that HRG expects to deliver performance for the fiscal year ending in March "broadly in line with expectations." According to investment analysts at Canaccord Genuity, the consensus forecast for full-year profit before tax is £38 million (US$59.4 million). HRG's profit before tax for the year through March 2012 was £38.2 million (US$59.7 million).