One thing LL would have saved big on in recent months is the...

One thing LL would have saved big on in recent months is the spend on business travel both domestically and internationally.

Up until recently, it was standard for senior executives and the board to travel first class with many leaders travelling around the globe several times a year. For all other staff, they flew business class to travel greater than 5hrs. Their website lists their board of directors in locations across the globe and they always flew in twice a year for board meetings.

Also, my understanding is that Mid pandemic they asked their permanent workforce to drop to four days a week (pay cuts for those without a leave balance) and with management beyond a certain level asked to work 5 days with a 20% pay cut until at least September.

On the flipside, the cost to separate the Engineering business while known remains high and its highly likely their retail assets will decline in value.

A lot of moving parts, geographies (projects in Italy, UK and US affected by the pandemic) and industries in this business. Let's wait and see what gets announced in a few weeks time in addition to the July 1st unaudited results release.

DYOR