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From what I can see, the FLT result doesn’t indicate any real change. I suspect that they are late to the online world quite deliberately, because it's not where their competetive strength resides. Much as I like FLT in terms of culture, return-on-capital and cash generation, my sense is that it would be reckless not to assume that the online shift remains a threat (rather than an opportunity).[/QUOTE]

With BYO jet, Aunt Betty et al there is a strategy underway to take back business lost to online operators.  This is likely to grow for sure as the company realises the opportunity in targeting market segments and doing business with them in ways that these customers prefer ie online.  The bricks and mortar strategy works because it meets the wants and desires of plots of segmented customers.  Scroo has highlighted in the annual report that the company is moving to consolidate outlets, create hypa outlets, focus on high traffic locations like shopping malls etc etc.  So I think the whole issue about the threat of online trading needs to be taken in context of overall strategy.