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).