Ann: Preliminary Final Report , page-3

Skdoo

The net loss was due to the 37.4m impairment of intangibles which is a non cash expense. The balance of intangibles on the balance sheet is writen down through a one off expense to the P&L - as their is no actual cash outlay this has no effect on the cashflow of the business.

OCF of 21.8m was a strong positive, as is the stronger balance sheet and the recalibrated costs as a percentage of Revenue.

The turnaround looks a little more concrete from this half year - though I have only glanced the result so far.