Good morning, everyone. Thanks for joining us for our 2019 fiscal year results presentation. We'll get things moving fairly quickly today. Firstly, you'll hear from Adam Campbell, our CFO, who will run you through the results and key drivers for '19. Then our CEO, Mel Waters-Ryan, will talk about the future growth strategies. And finally, our CEO, Skroo, will gaze into the crystal ball and share some insights into how he thinks FY20 will pan out. I'll now hand over to Adam to kick things off.
Thanks, Haydn. So overall, while our underlying profit of AUD 343.1 million is towards the middle of our amended guidance range and close to market consensus, it is disappointing for us to have gone backwards from our record profits in 2018. Many of the key themes that we'll talk to today are the same as those that we covered at the half year, and they include record TTV, strong results from our overseas businesses, continued growth in our corporate businesses, but offset by disappointing Australian leisure results. TTV of AUD 23.8 billion exceeded our record 2018 TTV by almost AUD 2 billion and represents our 23rd year of TTV growth in the 24 years since listing. Less than 1% of the nearly 9% growth in TTV came from acquisitions, once again highlighting our strong organic growth.
We're also proud of the achievements that we've made in increasing productivity, which we define as total TTV over total staff, with a 20% increase in productivity over the last four years. Consistent with the first half, our international operations have driven our top line growth for the full year and generated healthy profit increases. This reflects both the strong growth overseas and also the soft Australian leisure results. We've seen record TTV in all of our countries and regions, apart from the small Nordics region, and record profits in Aussie dollars in the U.S.A., Canada, the U.K., UAE, South Africa, the Netherlands, New Zealand, and China and Hong Kong. The Americas is now a $100 million per year generator of profit, with underlying earnings increasing nearly fivefold since 2016.
The other key driver of our growth has been our corporate businesses, both in Australia and overseas, with over 15% TTV growth globally to record AUD 8.9 billion, which represents 38% of our group TTV. This also represents scalable organic growth through both our Corporate Traveller and FCM brands. And throughout the year, we've also continued our investment in systems and products through Upside, Savvy, Sam, and Claire to bolster our world-class offerings and benefit our customers. And Mel will talk to these investments again shortly. We've also expanded in key global markets, including our startup in Germany, the acquisition of the remaining 75% in 3Mundi, which operates through both France and Switzerland, and the strategically important acquisition of Casto Travel through the west coast of the U.S.A. And that means we've now got a significant presence across four key regions, delivering consistent organic growth and strong future prospects.
We spoke at length during the half-year release about the factors that were impacting on our Australian leisure business, including internal factors such as our brand consolidation, new wage model and EBA, and the GDS changes, and the impact that these were having on both TTV and, in particular, on our revenue margin. Skroo will update further on these, but it's fair to say that while we started to see signs of margin stabilization over the last couple of months, external consumer softness has further impacted TTV within Australia. In positive signs, our investment in newer leisure models is starting to show benefit. And globally, we have AUD 1.3 billion in TTV from online leisure brands, with flightcentre.com.au growing at around 40%. Our independent contractor network is now generating around AUD 380 million in TTV per annum.
Our partnership with Ignite in Australia is growing our flash sale and ready-made packages by over 40%. And our specialist Flight Centre brand businesses are also contributing in excess of AUD 400 million in TTV within Australia. In terms of our P&L, there are four differences between statutory profit and underlying profit. The first three were included as differences at the half year, being the pull forward of land override revenue due to enhanced data extraction from system enhancements. The second is the impact of adopting IFRS 15 for the first time this year. And thirdly, the impairment of our Olympus DMC. The additional item excluded from underlying profit for the full year relates to fair value changes on taking full ownership of both 3Mundi and ETSC.
Essentially, those businesses are now worth far more than they were when we first invested in them, and we need to recognize that value increase on consolidation. Income margin decline of around 55 basis points this year at a group level is really due to the ongoing business mix changes that we continue to see, as well as the impact of revenue margin decline within the leisure business in Australia. And broadly speaking, around a third of that decline can be attributed to the leisure Australian decrease in margin. About a third can be attributed to growth in our FX businesses, and that's mainly in India. And about a third due to other business mix changes.
Our underlying cost growth in constant currency has held to around 3%, which we're quite happy with, with full-year trends consistent with the first half and leading to a 33 basis points reduction in our cost margin. From a wage perspective, the EBA in Australia, as we flagged through the course of the year, has contributed approximately $ 14 million to employee benefits costs in that segment. And in the Americas segment, the strong growth in profit we've had there has also led to an increase in wage costs. The other item I'll pull out is other expenses, which have increased due to independent agent consulting fees increasing as that independent agent network continues to expand. Our ongoing technology investment across the group and also increased outsourcing costs as we look to operate in a more efficient manner.
On the balance sheet, you'll see that our cash balances have reduced year on year, which is largely attributable to the $150 million special dividend paid in April, as well as minor movements in the timing of wage and general supplier payments. In addition, our intangibles have increased due to the acquisitions of 3Mundi, Casto, and Umapped, as well as our ongoing investment in IT projects. And you'll see in the balance sheet, we've also had an increase in borrowings, which relates to the debt facilities that we obtained to fund acquisitions during the course of the year. The total outstanding, I'll just note, of $160 million at 30 June, we repaid $60 million of that in the first week of July, so that balance has come down subsequent to year-end.
Now, before handing over to Mel to talk around strategy, I'll first give a brief update on each of our geographical segments. I'll start with ANZ. We've spoken a lot about the ANZ segment over the last six to 12 months. But again, in summary, the results this year have been impacted by a small increase in TTV, which is largely from our corporate brands, Travel Money, and our new leisure models, offset by the decline in revenue margin. As mentioned, we have seen some signs of stabilization in the Australian leisure revenue margin late in the year, but that's been offset by some of the softening macro conditions and consumer confidence.
Cost control in Australia and New Zealand has been effective, where we've only had minimal movement in our cost margin, and that's off the back of small TTV growth and additional costs coming in from the EBA and our ongoing technology spend. Our corporate business in Australia is performing well at both the top and bottom line, and that's despite a couple of our clients going under during the course of the year and impacting the bottom line in the order of around $2 million. New Zealand also continues to operate very strongly for us with a record profit contribution, largely driven by strong leisure results. One of the standout segments this year, the Americas, has seen strong profit growth continued through the second half against a much stronger prior year comparative. That profit contribution, as we mentioned, is now in excess of AUD 100 million.
That's off the back of TTV growing by 16% to around $ 5.5 billion. That TTV growth is, in turn, driven mainly through corporate, with our corporate brands now contributing around $ 3 billion in TTV. Importantly for us, that growth in TTV is now feeding into economies of scale, and we're now seeing those evidenced through improvement in both our productivity metrics and also our cost margin metrics through the Americas. In terms of leisure, we've had our highest profit contribution from Liberty since its acquisition 11 years ago in 2008, and we're continuing the expansion of our premium model through the U.S. through Travel Associates. Canada is also continuing to perform well, and over the last five years, the growth trajectory in that business has been very, very strong for us, and that profit growth has continued through the 2019 financial year. Turning our attention now to EMEA.
There's been a bit of disruption, as everybody knows, and a lack of confidence coming through the U.K., in particular through Brexit, really over the last two years, and I think we've been able to handle that pretty well through our U.K. business, with TTV increasing by 4% and costs held flat in that country over the last 12 months. Our investment in the startup in Germany and our expansion through 3Mundi in France and Switzerland has added to our existing European footprint, and down in South Africa, we continue to see strong TTV contribution from both our corporate and leisure businesses, and importantly, in a fairly high inflationary environment, we've been able to maintain good cost control. Asia has also been another strong performer for us this year, off a smaller base, but a really strong result for us.
Our leaders in that region have had a focus on the fundamentals over the last 12-18 months, and that's resulted in a AUD 12 million PBT off the back of TTV growth of 40% that's been driven across all of our countries, and the Asian TTV should top $ 2 billion in 2020. We have seen revenue margin decline through the region. That's predominantly due to the leisure rationalization that took place during the 2018 financial year, as well as the growth in low-margin businesses, particularly the growth in FCM and also our Indian FX business that's grown from $ 350 million TTV in FY18 to well in excess of $ 800 million TTV during FY19 and operates at very low revenue margins. I'll finish with the other segment, which includes all of our global areas, as well as our touring businesses, our DMCs, and our hotel management businesses.
The primary drivers of the underlying PBT movement were flagged in April, and they include an increase in our global technology and digital spend, investments in development costs within Upside, which we've invested in during the course of this year, increased M&A costs, reduced DMC profitability, which resulted in the Olympus impairment, and also an increase in net interest expense following the take-up of the debt facility during the course of the year. I'll now hand over to Mel to talk through our strategic update.
Thanks, Adam. Hi, everyone. Our strategic approach remains fairly consistent, as outlined by Adam as well, at a group level from our mid-year, and we're largely happy with the progress.
Our enduring purpose that we've restated there to open up the world for those who want to see remains unchanged, and we are proud of our commitment to opening up that world to our customers, our people, and to our investors. Our core values also remain unchanged, and we believe our culture built on these values of egalitarianism, ownership, and irreverence is a major competitive advantage for our group. However, we have updated slightly our vision, and I'm going to read it in a moment, and our strategies have been slightly amended to reflect this vision, more in terms of prioritizing. Our 2025 vision: in 2025, FCTG will be a thriving global travel company with a distinctive entrepreneurial culture, famous brands, and winning models. We will amaze our customers across three core segments: corporate, leisure, and at destination.
It's worth explaining those three core elements just for a moment that underpin that vision, and they're obviously being worked on continuously via our strategic plans. The first is a commitment to our entrepreneurial culture, as I mentioned previously. Our distinctive culture of ownership, accountability, and egalitarianism define us, and we believe it's our biggest asset. And it's certainly alive and well in all our businesses globally and has been easily transportable across borders and into acquisitions. We're also obsessive about famous brands that reflect their DNA, are visually distinctive, well-known, relevant, trusted, and customer-obsessed, although some of the fame is not as high as we would like in certain areas. Our drive to ensure winning models is probably something that's come to the forefront more recently, and we've defined winning models as models that are growing, productive, material, and replicable.
These three elements are shared across all our businesses and give us consistency in our vision. Our transformation goals outlined some, I think, two years ago now, are still also front and center to the group, so we haven't forgotten them. We're still very committed to them: a 7% compounding annual TTV growth, which, pleasingly, we achieved last year, an underlying cost margin of less than 10%, and a return to a 2% net revenue margin. Again, apart from Australian leisure, we believe we had solid progress towards these goals. In terms of transformation, we presented also a three-phase approach last time, and we're well into phase two and making significant investments into engineering all our businesses to remain or become market-leading. Our transformation work is now really configured into those three pillars of leisure, corporate, and at destination, although the transformation work is still, again, strongly in our focus.
I will talk briefly then about those three particular pillars and the strategy and transformation work that is going on within them. To start with leisure, our leisure strategy can be summarized across three pillars, but with two paths. We are focused on mass, premium, and youth travel, and post our latest brand change, with Student Flights just becoming the Universal Traveller, we are happy with our collection of leisure brands, although not all are in all markets. The two paths of our leisure strategy really reflect a slight difference between our southern hemisphere approach and our northern hemisphere approach. In the southern hemisphere, we are committed to being the mass market leader, and we will not let that position slide. The nuance in the northern hemisphere is that we're taking a more specialist or targeted approach.
Most of the other strategies, though, are shared across our two hemispheres in leisure. And I'll quickly just go through those six areas of strategic focus for our leisure pillar. Just the six key ones are an update or overhaul in some instances of our customer system and centricity, a continued focus on digitization, both online and offline, product and pricing, ensuring we have famous brands and modern marketing of those brands, our network plans, and a model shift. Just to give a bit of detail to some of those specific strategic pathways. In terms of customer systems and centricity, we have a customer culture embedded at the consultant level in our leisure businesses, and we are now building upon that at both brand and systemic level.
Things like customer reviews and NPS are being embedded in many of our leisure brands, and we, I think, launched the Trustpilot system the U.K. have been using for a few years in Australia last year and are very pleased to see some amazing reviews from our customers. Our reward systems are now also reflecting this new customer centricity, and fairly soon, our REM models will all include customer metrics as well as sales. Our lead management systems, particularly the Red Connect platform that we've been developing and piloting and rolling out in the U.S.A., is also built on customer systems as we ensure faster response to our customers, and routing to the right consultant is often based on the customer score they have. In our second key strategic focus of digitization, both on and offline, we've had huge progress with our web and native apps globally.
Well, in fact, be releasing packages on the Flight Centre brand website early next calendar year. Our native apps continue to drive business for us and are becoming one of the major access points to our brands. In terms of offline, our consultant and collaboration tools with Trips, which was the Umapped acquisition, are now used by more than 6,000 users globally and allow the digital collaboration between our consultants and our customers. An area we're now actually implementing change in as well is payments. It's not just cash or credit card anymore. There's a plethora of payment options, and we've got an overhaul of that going on at the moment so that we can have a marketplace of digital payment options for our customers. Our third strategic area in leisure is product and pricing.
Staying true to the brand of DNA, sorry, the DNA of our brands, we're really focused on being a house of irresistible deals. Post our Ignite acquisition, we've now incorporated Flight Centre Exclusives and flash sale products as a core product within our range. We're also fully committed on our product strategy to having full content, and we're at the forefront of NDC discussions with our partners as well as technology so that we can ensure we've got all content again for our customers. Our service products, things like Captain's Package and Price Drop Protection, are also, again, being continuously monitored and improved for our customers, and we've also just recently moved to channel pricing. You would have seen billboards and advertising, I'm sure, everywhere, reflecting our no online booking fees.
Offline, we have tiered pricing available with a good, better, best three-tier system in our Flight Centre brand, ensuring we have no sticker shock value for our customers and transparent pricing. In branding and marketing, some of the things that are happening: membership for Flight Centre brand will be launched early next year in Australia, and in the Americas, they're launching a loyalty program as we speak across their collection of brands. We've done much work with our brand DNA workshops about what is special about all our leisure brands and currently going through and filling any gaps in terms of the customer experience. Over the next year, we're also investing far more in advertising and marketing, and we're looking and monitoring particularly uplifts in marketing in U.K., Canada, and U.S.A after some major work in terms of product and pricing in their brand.
Universal Traveller, as I just said, has been renamed from what was Student Flights, a new brand for travelers, not just tourists, focused on youth, not just students. And, of course, we just launched Universal, sorry, Student Universe in Australia to reflect that focus on the student brand. So again, as I said, we're happy with our collection of brands and our leisure business. Our fifth strategy in leisure reflects our network obsession, and shops are important and people are important in our leisure offering, but it's not just more shops, but better shops that are important. We've had an ongoing evolution as well of our shop model in our hyper stores, our flagships, our community, and our newest model, our satellite model, which has been imported from New Zealand, which allows us to operate a lot more cost-effectively in highly regional areas.
We're focused on relocations and optimal positioning, and this is still ongoing work, which I'm sure Skroo will speak to a little bit about later in Australia, the mix of staffing, and a commitment to reducing our legacy cost base. Perhaps most of our work in leisure, though, can be summed up with our final strategy, which is a model shift, which Adam also referred to. So this is a shift both to new brands with these models and within established brands like Flight Centre Brand. We have, through M&A or expansion, all the models that we now want to win in the leisure business, although some of them are also being further transformed.
For example, we've made a lot of foray now into the independent agent model, largely as a host model, but we want that to become a referral model where our brands and our marketing produce leads that we then send to those independent agents. We're also launching our social entrepreneur model within our new brand, Universal Traveller, so stay tuned on that one. We're very committed to growing our global premium leisure network with our Travel Associates brand, and you would have seen that we completed the Les Voyages Laurier du Vallon final tranche of that purchase in Canada. Online is also a major focus for us, and you heard that over the last year we've done about $ 1.3 billion in online sales globally. That number will be achieved in Australia alone next year.
So, in summary, they are our leisure strategies that we believe will allow us to win in the future. There's a slide there, by the way, just reflecting some of the change in the Flight Centre brand model mix that's already showing in the Australian business. Again, you'll see much more pushing to the edges of that graph over the next few years. We also have a slide there of the strategic roadmap that was outlined with the Flight Centre 2.0 program under Atle Skalleberg. The membership, product, and pricing, self-service, sales technology, and modern marketing pillars of that program are still in place, and we've been deploying many of the strategies. You would have just heard, though, that most of those things are now within the general leisure program of work.
Looking at corporate next, we're very happy with our house of brands in corporate after some small consolidation, a couple of brands that you may not have even heard of about a few years ago, 4D and Campus, which have now been turned into product lines within those brands. Just to sum up, our brands are in the SME space, our Corporate Traveller brand in the TMC space, our FCM brand, and in the niche or specialist areas of corporate cievents brand and Stage and Screen. This level of diversity we believe is a strength across mass and specialist corporate travel and something that we will not give up, unlike some of our competitors. We've articulated our business strategy statements on the next page, clearly showing the strategic intent of our two core corporate businesses, Corporate Traveller and FCM.
Our obsession with the SME segment is reflected here and our approach to being a truly global TMC business with FCM. The six core foci underpinning future and current success of corporate are, number one, our hyper-investment in sales and marketing, an investment in technology, our people, and our secondary focus areas are a continued focus on cost reduction and efficiency gain, the continued development of market-leading and unique products, and further geographic expansion. I'll actually just go through the primary focus in corporate. Firstly, we have an ongoing commitment, as always, to a hyper-investment in sales and marketing, which over the last year resulted in a record year of new business wins, I think in excess of $ 2 billion globally across all our corporate brands and business. That hyper-investment is also demonstrated by our continued increased investment in business development managers.
We now have 500 of these plus worldwide, again, across our collection of corporate brands. We've done brand reviews underway, and currently, FCM branding is being scoped so that we can better differentiate from the other TMCs and represent the customer value proposition of that brand and the DNA. It's safe to reflect that the culture and the models in corporate are strong, but the visual branding and fame of those brands does need some work. The investment in sales and marketing, though, is also strongly supported by client, the high client retention rate. 98% of the MNC retention in FCM last year was excellent. So it's not just about winning. It's also about retaining our customers. Adam also mentioned we've made significant investment in technology in our corporate areas. In fact, last year was a record year of technical investment.
We completed the Sam acquisition, the Claire, and made the initial investment in the Upside platform. The technology priorities in corporate are very much customer-focused, although there is work also being done on efficiency and operations at the back end. Again, I won't read through those, but lots of work is being done, heavy M&A activity where we have sourced specialists to provide us with market-leading technology that can be deployed globally and is being deployed globally. Corporate also has a major focus on our people, and it's a core part of our offering and customer value proposition, proactively blended with systems and technology. In fact, it's interesting, isn't it?
Years ago, we were talking about blending as something that we were doing in leisure, which is happening a little more slowly than we'd like, but corporate has embraced and prospered with that blending of people and technology, and we believe makes us market-leading in both the SME space and the TMC space. The secondary strategies in corporate are really in line with a lot of what's going on in the Flight Centre Group. As previously mentioned, it's a continued focus on cost reduction and efficiency, a continued development of market-leading products, and this is not just travel products, digital and technology products, services products, and even payment products as well, which, again, we're working on in the corporate space.
Further geographical expansion is part of the strategic outlook for our corporate area, particularly in the Europe region, and you heard just about the final tranche of the 3Mundi acquisition. In Asia, we believe there's huge opportunity to further expand in region. Our third pillar, you may have noticed the name change, used to be called the Travel Experience Network. It's now called the Travel Group after some slight reallocation of businesses into our leisure area. The Travel Group is made up of a procurement business, a global experiences business, a touring area, a hotels area, and a bed bank, and these are all serviced by a global services area where things like treasury, technology, legal, etc., service the entire range of those businesses.
I've put a page in there representing some of the new brand work that we've done in the Travel Group because we have sought to change some of those brands in line with the strategies in this area. Note, though, that these businesses, many of the businesses in the Travel Group area, are currently small, but we have big future plans for them. Topdeck and Back-Roads, of course, our touring brands, we remain unchanged as a brand, but we've just launched Discova, which was Buffalo and Olympus, our new global DMC brand. We've renamed or rebranded our hotel at the group level to Cross Hotels and Resorts, which formerly was the BHMA, and we've just launched the Travel Junction, which is our new external B2B boutique bed bank.
The strategies under the Travel Group are outlined as five key areas: one business DMC strategy, a new brand for hotels, a global platform for distribution businesses, The Travel Junction or external sales via our travel bank, and the Topdeck repositioning of product development and sales, which I'll outline a little bit. In terms of specifics of those strategies, one global DMC is our plan with Discova, as I mentioned, which was Buffalo and Olympus, and that was just launched literally in the last few weeks. We have a new platform implementation underway for enhanced distribution capability and efficiency of that DMC, and we're currently implementing one business with one set of standard operating procedures from what was two very disparate businesses. We're also looking to expand our DMC network both geographically and with further B2B sales, again, to customers outside the Flight Centre Travel Group.
In the hotels area, our new brand architecture under the Cross Hotels & Resorts brand has been put together with hotels from three and a half to five-star, including resorts. We have an ongoing prudent expansion within this region. In Southeast Asia, we've got a pretty good pipeline now as we've fixed it to include products that would be distributable through the Flight Centre Travel Group network. We're also looking at slightly different models within the hotel space so that we have some more low-risk entry ways into newer markets. The third strategic focus in the Travel Group area is our global distribution platform, which was under a project called Copernicus, and the product is called Helio. This platform and project has been going really well and will be launched in the U.K. in December 2019, which is really the start of a full global rollout.
It will allow us or deliver to us next-generation procurement and enhanced distribution capability by aggregating and curating content for faster quoting and sales delivery for our travel consultants, both internally and as we take that business externally as well. It also allows for much greater enhanced product and packaging capability, often done by algorithms and not by human design. The Travel Junction is a newer part of the strategy in the Travel Group, and it's really our foray into starting our external sales journey. We've been doing this very softly and pleased with the results. We will be differentiated in this business compared to other bed banks in the market because we will offer a full travel range in one portal. This platform will have something like about 100 APIs linking it to various products.
This will be a small growth and establishment, and then we'll set to put it on steroids in the future. In our touring area of Topdeck and Back-Roads, there's a few things going on. Topdeck is shifting its position, not its branding, to become the world's leading socially inclusive youth brand with social experiences for 18 to 30. That's a bit of a mouthful, isn't it? This reflects a lot of work we've done in terms of customer research and product development. They'll be expanding as well into small group touring in both for the current brand of Back-Roads, but Topdeck will be also moving into this space, and we've just kicked off a global sales strategy to develop new markets and grow channels for both those businesses.
Back-Roads has also just expanded to the U.S.A, although we did have to call it Blue-Roads there for various reasons, but it kind of resonates because it's a concept well known in the U.S.A about traveling on non-major roads. So they're the strategies reflected in our three pillars. There are two other major programs that are happening across the group, and I'll very quickly articulate them. One is that we currently have a technology transformation program just in place. We're working with a U.S.-based travel tech consultancy firm, Hudson Crossing, and Atle Skalleberg will be leading that from the company. It's a company-wide five-phase IT review to deliver meaningful change in a much more significant way than we have to date.
The program has five objectives: total visibility into all current projects, spends, and outcomes, including a very long tail of projects throughout the world, then a rationalized roadmap in line with business priorities, identification of further required investment to match strategy because there will be some areas we want to spend more, implement a new revised IT organization and processes with a focus on product management, and an M&A strategy for technical and digital capability if required. And finally, we have a cost and efficiency program as well, working in four areas: robotics and automation, outsourcing, head office real estate efficiency, and support costs.
In summary, our 2025 vision to be a thriving global travel business with a distinctive entrepreneurial culture, famous brands, and winning models is well structured with strategies and programs delivering strongly in our global network in corporate and in U.S.A, and we expect it to deliver in the Australian leisure business, albeit a little in the future. Thank you.
Scroo? Thank you, Mel. Hello everyone. Sorry, I'm a bit late. That's quite a lot of detail. Look, just going on to looking at the outlook for 2020, we're certainly still some uncertainty. Some of you will have heard about Brexit in the U.K., and Australia certainly still seems to be fairly soft in some areas from our point of view. There's also a bit of unrest in Hong Kong, which is affecting a little bit at this stage our Southeast Asian businesses.
But at the AGM in November, we'll probably have an indication of how things are going in the first quarter or so. We certainly will be looking for TTV growth of that 7% or so that Mel mentioned, and we certainly would like to see profit growth as well in 2020, but we'll update further on that. Our growth drivers will probably be in the next 12 months, like the last 12 months, in corporate and our international businesses. And particularly in the U.S. or North America, it's a significant contributor now, and it's interesting that we've really been there now for 20 years significantly in North America. So we're also expanding the EMEA, which is particularly in Europe, I think, and obviously Asia is now contributing a meaningful result, and we obviously want to grow that further.
The potential there, just for example, in the U.S., although we have a significantly profitable business there now, it's only a couple of percent of the corporate market that we have there, so still a lot of potential. For Australia, our growth drivers are looking basically at some of the things that impacted our 2019 results, particularly in leisure, and we have some clear strategies there. We are getting small TTV growth. We've still got a lot of work to do in Australia, particularly in the leisure area. In Flight Centre Brand and Universal Traveler, we have an ongoing focus on cost and sales discipline with our Instant Quality Response targeting. We're also, as Mel mentioned, targeting some of the different businesses, channels, models to drive TTV, which, like online, our specialist first in business travel, Flight Centre Business Travel, as well as our flagship and hyper stores.
Also, our network planning is very important, and we're about a year, 18 months down the track with that. It is a long-term process, but you'll see here a slide about our approach with network planning, and it's about looking at individual shop and teams, consultant performance, looking at the market review and the demographics in those areas, and then seeing what we do with these locations. And we've obviously got quite a few new growth opportunities to open new shops with the right brand in the right location. We will be relocating a reasonable number of shops in what we consider more appropriate locations. And as Mel also mentioned, some of the model pivots.
One of the interesting things is obviously we are quite a large tenant of major shopping center businesses, and we're working with the shopping centers to make sure that this is a profitable and sustainable model into the future. And I think that has given us a lot of traction with the shopping centers. With that network review, it is getting towards completion, but obviously this takes quite a long time to finalize with leases traditionally being about five to seven years. And the main aim is to get the right shops in the right location with the right staffing levels. Of our 900 to 1,000 leisure locations, there'll probably be about 30 to close, and there'll certainly be some rebranded from Flight Centre to Travel Associates or Universal Traveller.
In the Flight Centre brand, we will have about 200 new roles, which will bring the Flight Centre rand to about 5,200 frontline people. In leisure, there'll probably be about 6,300 all up. And as I said before, there will be relocations, and there will be new openings, probably 20 to 30 over the next year. Some of the recent developments in leisure, obviously with Student Universe coming in and Universal Traveller launched, this is something we're aiming for in the youth market in particular. And the satellite model, which was imported from New Zealand, is quite successful in a way to keep our locations and convenience and billboard effect for customers, but cut our costs without cutting our capabilities. We have new hyper stores. Hyper stores generally are in the CBD, and we have four of them now, and they are major.
For example, they generally do 30 or 40 million in TTV. We have these in WA, Victoria, and Sydney, and Brisbane, and these are quite successful large locations. In corporate, as we've said, we're going to further develop our global network. With LDV in Canada. We now have 100% of that business. The Upside business, we have mentioned that we've bought into that, and we hold great hopes for that. Mel mentioned also the new global brands in DMC and hotel sectors. That's it. Thank you.
I think we're now ready to go to.