Ann: FXL - Full Year 2020 Trading Update, page-67

I was 50 50 about whether we would see a big profit drop. Negatives were the loss of revenue from flight centre, the impact of the NZ lockdown on cards and the general lockdown on sales. They said in February that profit wouldn’t immediately follow growth in BNPL due to increased costs of development and marketing. So for me this was a big relief - doing way better than I anticipated.

I think it would be irresponsible not to make a massive provision for bad debts. I really hope and pray it’s not needed and we get a vaccine, but I have to admit to a level of depression. My son in San Fran has been told by google he will be working from home until next June

so I am happy with what’s come out and I hope we have an even better result next year.

I think we need to see the accounts and see the impact on the various business units to fully understand what is happening.