This is a graph based on weekly transaction volume reporting...

This is a graph based on weekly transaction volume reporting from Tyro,
- Highlighted bubbles are the period being compared for gross profit.
- This year, we know that both NSW and Victoria are in lockdown for most part of the 4 months (NSW + VIC accounts for ~61% of terminals based on past announcements).
- My assumption is that most of the transaction volume is probably from additional of Bendigo terminals and hence the 'incremental' gross profit portion going to Bendigo is at that level. Comparison for this period is unlikely to add much value (either on the positive side or negative side).

Transaction volumes are climbing up to 100 million/ day and gross profit share of next 2 months is expected to be the largest (one can see the curve up during Nov and Dec months).
- last week of Dec and first week of Jan will be minimal volumes but new base will be found quickly.

My view is Tyro is doing all the right things from business perspective.