chart, page-86

great call. the HLO branded part of the business makes its dough from franchise fees mostly which will return soon, its the store owners that rely on international for their profit. the franchise fees don't vary if the stores sell domestic, NZ or international. store owners also aware now is not the time to rebrand away from a big chain with all of its support and better commercial deals so leakage or reductions in annual fees likely to be minimal.

the corporate and hotel wholesale sides of the business, which are fully owned, is where the domestic $$ come in and that part of the market has returned (as mentioned by CTM and FLT) at a much higher rate.

very important to recognise that Helloworld, the company, is NOT just the Helloworld branded stores.

so much upside here.