Good point. Usually in a growing company you would expect...

Good point. Usually in a growing company you would expect revenue to exceed cash flow as invoices are included in revenue, but appear with a lag in cash flow.

In the first half revenue was only $9.3 million, but cash flow was $9.9 million. As you say there were some unusual swings in amounts due and owing last half. However this presentation implies an even wider gap between revenue and cash flow at the end of the year than at the half year.

It would help if they provided more explanation, but I will ring them to try to clarify tomorrow.