Hogg Robinson Group said that while "core managed clients have continued to trade in line with expectations ... demand in events and unmanaged small and medium enterprise business has continued to be weak and results in these areas will fall short of expectations

. In addition, HRG's Spendvision expense management business has experienced some delay in new clients signing contracts to originally expected timescales, as well as slower-than-expected implementation of contracts with some recently signed clients." As a result, HRG said earnings before interest, taxes, depreciation and amortization would be "lower than the prior year at around 10 percent below the market consensus."