CORPORATE travel specialist Hogg Robinson admitted cautious spending among its clients had triggered a slide in sales and profits.

The Hampshire-based firm said client spending fell by 8% in the six months to September 30 as customers opted for cheaper travel and accommodation and tightened travel policies.

Shares closed 2.75p down at 50.25p as Hogg, whose customers include the UK Ministry of Defence, Unilever, Rolls Royce and the Foreign Office, revealed a 7% slide in bottom-line pre-tax profits to £15.3m.

Hogg chief executive David Radcliffe said companies were “understandably cautious in their approach to travel” – but claimed the group had managed to hold on to customers.