Ann: CTD FY19 Half Year Results Presentation, page-6

It was explained well on this morning's conference call.

Slide 21 has all the details. Depends where the year end date or HY end date sits with their supplier payment cycles. Can be $60m difference depending on where the date lies. Will right itself at end of FY due to where the date lies for June 30th in that payment cycle.
Helloworld apparently said the same in their results and FLT will say the same as it's not a CTD specific issue, it's industry wide - I guess VGI showed they don't have the industry experience in this case.

VGI will have another crack no doubt but id I were them I'd be taking my profits - presumably they already took some $ off the table as shorts for the month for CTD were down based on ASIC data.

I'm looking to see that gap close now to 27.5. Some technical selling there before resuming the previous upwards trend. Share prices follow earnings long term and another strong result.