according to an interim management statement. Client activity increased 5 percent year over year during the April-June reporting period while client spending dipped 3 percent (but grew 5 percent at constant currency). HRG's revenues declined 6 percent during the three months (but edged upward 1 percent at constant currency). The company cited several factors for deteriorated financial performance, including slower-than-expected trading activity with the government of Canada, an account it
picked up last year; growing client adoption of self-booking, which incurs lower transaction fees; "strong competitor pricing"; and weakness in Asia and in Continental Europe's SME market. "During the remainder of the year we will address the balance of costs versus revenues," according to a statement from HRG chief executive David Radcliffe. "It is unlikely that the associated benefits will fully offset the fall in first-half earnings, but we expect the full-year earnings impact to be significantly less than in the first half."