Travel management company HRG has reported a 15 per cent rise in profits for the year ending March 31.
The results were mainly driven by strong revenue growth in its technology and software business Fraedom.
For the last fiscal year HRG made a pre-tax profit of £26.7 million compared with £23.2 million for the previous year, on revenues of £318.3 million and £330.1 million respectively.
HRG said despite the positive financial results client travel spend was down 2 per cent and added there will be continued pressure on revenue as “aggressive competitive pricing” continued, alongside the ongoing move by businesses to online booking.
Chief executive David Radcliffe said: “A year ago, I described FY15 as being one of the most challenging periods for the company in recent years.
“While the financial year was not without its own challenges, not least those driven by generally fragile macroeconomic conditions, we delivered increased profits in line with expectations.
“These are exciting times for our Company, albeit as previously predicted, we continued to experience downward pressure on our revenue as aggressive competitive pricing continued alongside the ongoing move by our clients to online booking,” he added.
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