Ann: Half Year Results Commentary , page-11

Cam, I'm not 'concerned' about the company (not as concerned as Fat Bloater in any case), I just thought it worth pointing out that cash-flow was not quite as good as it seemed at first glance. I love to see a company squeeze its working capital hard, but it can only go so far. Margins overall declined a little also, I absolutely agree these things are part of the natural ebb & flow of business, but areas worth monitoring in future reports. From your other post, I'm pretty sure I know your example firms but I'll let others work it out, if the answer has not been posted by about midday tomorrow I'll post my answer - Eternalgrowth