Ann: Company Presentation, page-10

GST is included in both revenue and cash. So the difference between cash and revenue is the change in working capital ie bills to pay compared with invoices outstanding.

Effectively the announcements are saying revenue in the first and second halves will be similar. However cash was stronger in the first half than revenue and was even higher in the third quarter. So my guess is cash will be much better than the revenue guidance for the full year.

The bigger gain will be next year when we get the full impact of the new retail contract (only one month this year). If the gross margin remains the same and overheads are unchanged the company becomes more profitable as revenue rises. Note the State Security payments stop early next year and revenue continues so margins should benefit.

I suspect we have a while to wait before we have proof of how the business is travelling.