Ann: Half Yearly Report and Accounts, page-9

@taboon
There is negative working capital and revenue is recognised conservatively- this can be seen in the large excess in cash receipts compared to revenue recognised. The consequence is that they have to be significantly cashflow positive before profitable in the statement of income.

They were cashflow positive in the last quarter and will almost certainly be so again in the next quarter. If they are then cashflow positive the following quarter they will almost certainly be profitable next half or the following half.

I guess you need to understand the cash cycle in this business to see the investment case.