You are correct in pointing out the disparity between WEB and...

You are correct in pointing out the disparity between WEB and FLT in terms of online TTV margin returned to HLO. The TTV margin, primarily driven by agents' engagement, differs significantly between the 3 , WEB and FLT online services requires a much larger TTV to achieve an equivalent margin compared to HLO

For instance, FLT's physical shop fronts yield higher margins from sales than their online booking service for the same customer.This difference is largely due to agents' ability to upsell and guide customers towards package deals they offer. Many customers are realizing that it would ha been more cost-effective to have an agent organize their holiday instead of booking it themselves online and paying upon arrival.

As a result, HLO intends to pursue acquisitions of successful travel businesses and establish street-front shops as part of its strategy. This dual approach aims to position them as one of the largest leisure and holiday booking companies in Australia and New Zealand once again,