Hogg Robinson Group (HRG) has reported a drop in revenue and profit for the past financial year, citing an increase in popularity of online self-booking.
The travel management firm saw revenue fall 3 per cent for the year and reported pre-tax profit profit drop 8 per cent from £25.3 million in 2014 to £23.2 million for the year ending March 31 2015.
HRG chief executive David Radcliffe said the past financial year "proved to be one of the most challenging in recent years".
"One of the challenges referred to earlier in the year has been the faster-anticipated speed of switch by our clients to online self-booking of travel," said Radcliffe.
The company reported that 47 per cent of all client travel bookings used self-booking during this year - up from 42 per cent in the previous period.
HRG has responded to the fall in revenue by "reorganising" the company which has led to a number of job losses.
"Cost reduction measures continued through the year including the closure of a number of locations as we consolidate our service network and lower headcount."
Despite the "challenging" year HRG said it continued to sign new business and is "developing new opportunities" with its new Fraedom brand.
Radcliffe added: "We operate in an industry undergoing significant change, driven by new technologies. For our part, whilst the changes have created some short-term headwinds, we are well placed to capitalise on the opportunities that are also presented.
"As we look ahead to the current financial year, we will continue to execute against our strategic priorities which provide a solid platform for accelerated growth."
HRG were placed at number two in BBT's Leading 50 UK TMCs.