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September 2022, Virtual
September 29 2022, Virtual
HRG has seen transactions and client spending fall over the last four months as companies have looked for further cost savings.
The business travel giant said that the number of transactions was down by 2 per cent for the four months to the end of January compared to the previous year, while client spending fell by 3 per cent over the same period. Overall revenue for HRG was down by 7 per cent.
HRG said in its interim management statement to investors that “market conditions have remained challenging” since its last update at the end of November.
“This plays to HRG's strengths as clients place heavy reliance on our expertise and experience to help them maximise value from their travel and related expenditure while lowering aggregate spend,” said HRG in the statement.
“Increasingly, clients are seeking a more consultative approach to travel and expense management, typically where HRG is rewarded with a share of costs saved on their behalf, and we welcome this emerging trend.”
HRG’s chief executive David Radcliffe added that although the “market backdrop remains uncertain”, the company was on course to “deliver a full-year performance broadly in line with expectations” for its financial year which ends on March 31.