However, HRG’s most important regions, Europe and North America, are not bouncing back as quickly as markets in Asia Pacific, Latin America and the Middle East.

The group’s interim management statement covering the period from 1 October 2009 to date showed client revenue fell by 6% year-on-year or 9% excluding favourable currency movements.

But HRG said it was seeing a ‘return to more normal levels of client activity’, with some companies relaxing their policies to allow more frequent travel and the use of premium travel and accommodation.

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