I took it that they must have received some upfront payments...

I took it that they must have received some upfront payments that had not been booked as revenue, simply held as cash, offset by a liability termed "progress claims and deposits" that has since been unwound as the work has actually been completed and the revenue booked.

Seems a little unusual.

I am meaning to look up whether they still have any further capital commitments for Henderson? If so, this would be my biggest concern in relation to cashflow.

Otherwise, I would think looks good value here.