Ann: FY17 Analyst Pack, page-95

In my opinion its on the cash flow statement. There has been very little improvement in net operating and investing cash flow over the period of a year. The net of these is particularly relevant with this company as they emply a fairly liberal definition of what counts as investment.

Last year the net cash flow was about 6.1 mil out. This year it was over 6.4 mil out - which is worsening.
However there was considerable investment in new camera tech and systems which may not be once of rather than repeated so the reality may be rosier than that, hard to say. Even if 3 mil was once off that is still just an improvement of 2 to 3 mil over last year.

A fast growing profitable tech company would want to be earning around 8mil per annum to be good value at previous market caps. It looks like we are some years off that, even with the rosy picture. Finally time is of the essence with NEA.