As part of Livewire's exclusive reporting season coverage, each week I’ve been nominating a ‘Good’, ‘Bad’, and ‘Ugly’ result - with this week's lineup being QBE, Japara and Flight Centre respectively. On the ‘Ugly’ result, I ask whether Flight Centre’s bricks-and-mortar retailing of travel agency services is in structural decline, or whether it is just cyclical? In this exclusive video, I look at what the results are telling us: