Hogg Robinson Group reported improved results for its fiscal year ended 31 March, "in line with expectations," despite declining travel activity among clients and therefore lower revenues.

Profit before tax increased 15 percent year over year to £28.4 million (US$42.8 million). The travel management company cited cost reduction efforts and improved profitability in North America. Chief executive David Radcliffe said HRG expects client travel volumes to rebound this year "as businesses generally begin to benefit from the economic recovery. Towards the end of the [fiscal] year, we did see the first early signs of an upturn, first in Asia-Pacific and more recently in North America and Europe."