poor result wtf !!!!, page-15

the trend is your friend here.

travel business is always very skittish and small drops in consumer confidence have a massive effect on revenue. used to be in the travel business many years ago ( it is a hideous low margin business ) .

when people arent coming thru the door there is not much you can do.

budget update yesterday with more cuts to come will kill discretionary spend for a few months at least.