Ann: FY18 Earnings Update, page-6

The treatment of the $11.6 m contract under dispute may explain the blow out in receivables at 31 Dec 2017 to $23 m from $19.4 m at 30 June 2017. That also helps explain the poor cash generation in the 1H FY 18. The dispute was not mentioned in the half year accounts and it is not clear in which periods the revenue was recorded. However, that is a warning that cash generation may not have been great in the second half either and helps explain the need to raise capital by the options and placement at the start of calendar 2018.