Hogg Robinson Group is expecting business travel sales to ‘remain under pressure’ due to aggressive pricing from its competitors and the move by clients to online booking.
The group reported a 4% drop in revenue to £328.3 million for the financial year to March 31, with most of the decline driven by Europe and Asia Pacific.
But a strong performance from its Fraedom technology business helped it achieve a 15% increase in pre-tax profit to £26.7 million.
Chief executive David Radcliffe said: “Hogg Robinson Group made good progress during the year. Our Travel Management business, HRG, which helps clients optimise their travel spend, continues to leverage its technology and service delivery platform to offer clients a better travel experience whilst also maintaining our profitability.
"At the same time, Fraedom, our exciting technology business, is growing strongly, capturing the demand for disruptive technology in the SaaS areas of payments, expense and travel management."
