History suggests this has been a difficult business area for HLO.
The travel management segment, which operated with 58 govt agencies prior to today's announcement, made adjusted EBITDAI (before corporate costs) of -$2.5m and $0.5m in FY13 and FY14.
Essentially 80% of the EBITDA is contributed by the retail segment, and 19.5% from wholesale.
Time will tell whether this will provide the scale needed, and if HLO can be efficient in managing it.
History suggests this has been a difficult business area for...
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