The profitability of Level is not measured in terms of how much money it makes itself, but in how much it doesn’t allow others (principally Norwegian) to make. That can’t be displayed in formal annual results.

For the LGW point, for all its faults (and there are many), TUPE does mean staff retain their original dates of joining, which in turn means that in the event of any redundancy later, they are not screwed over by effectively being considered new employees.