I think quarterlies can be a little misleading. A profit and loss is probably a better indicator. Cash flow on the surface isn't great, but they could have just held back payments until the 1st of October if they wanted to hide stuff. Need to look at positives, sales up again and look like they are trying to reduce some overheads. Once we get to the critical mass of sales required then we see profits and dividends.
Ann: Clarification of 4C commentary, page-7
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