I'm not sure how much you know of FTL's business model, but the company is set up to negatively operate and lose money in the front end retail space from a profit perspective. Profits come from super overrides through the back end from preferred suppliers and airlines paid on TTV sales targets, something that is strengthening year after year.
Large enterprise corporate travel though FCTG's brands Corporate Traveller and FCm account for a large amount of of the business's profit, and combined with total retail kickback through the back end we have the generation of yearly profit estimate.
It is easy to quickly assume retail profit is a means to FCTG profit, but this could not be further from the actual situation.
DYOR
Short squeeze, page-66
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