Why so terrible? This is a global business with many moving parts. It has enormous operating leverage. That means that if your costs go up, even a little, in a year that your revenues go down, even a little, the impact on profits can be very large. With all those moving parts, it must be awfully hard to ensure that costs always move in lock-step with income, wouldn't you say?
But in this "terrible" period, staff numbers went up, but TTV and even income, went up on a per staff basis.
Time to bale?
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