Ann: Market Update, page-6

Thanks for the response.

However, today - coming off the acute distortions caused by Covid and its effect of bringing forward of demand for ARB products - I find it difficult to forecast the current normalised earnings base for the company.

For ARB, and many other companies for that matter, it was always only a matter of time before Flight Centre and Qantas came knocking on their door demanding some of their money back.

You've highlighted all the vagaries that will make future predictions difficult for the time being, except that I would add, the apparent gradual transition from selling online or via a wholesale model through a distributor, to a more direct sales model in the US.
I expect, admittedly with minimal knowledge, that this is the correct approach but may prove difficult through the transition and make the graphs a bit bumpy although these guys seem very careful and make few mistakes.