Annual profits at Hogg Robinson Group remained flat despite an 8% drop in revenue to £343 million.

The travel management company said it expected economic conditions to remain weak.

Revealing a pre-tax profit almost identical to the previous year at £38.3 million in the 12 months to March, the company said subsequent trading has been in line with expectations.

HRG chief executive David Radcliffe described the performance as “resilient under testing conditions”.

He added: “Notwithstanding our anticipation that trading conditions will remain tough during the current financial year, HRG has traded in line with our expectations since the year end and we expect to make further progress through the rest of the year.”

Reviewing the past financial year, Radcliffe said: “We have remained focused on maintaining a cost base that is appropriate to the market backdrop while ensuring that our usual high standard of client service is not compromised,” he said.

“Our focus continues to be on delivering good value to our clients through excellent service which meets their specific requirements.

“Standing still is not an option for HRG. We play a leading role in a constantly changing industry.

“The breadth of the group’s services has broadened in recent years to include travel, expense and data management, all underpinned by proprietary technology.

“HRG brings these services together with a strategy focused on two core elements: managed travel and the provision of technology solutions and services.

“This strategy provides a sensible balance of resilience and growth and, whilst still in its infancy, we are starting to see good traction in the market for our technology offer.”