Initially i was taken a bit aback but would've been more...

Initially i was taken a bit aback but would've been more convincingly pos ebitda but for changes accounting methods. Expected more cash as well but this is over in receivables.

Issue really is the reduction in gross margins but I believe they addressed this nicely and I expect this to return to previous margins over this fy especially in light of reported engineering reductions in production costs by 25%. Stripped a mill from operating costs with another mill expected. I expect the reduction to date relates to the end of support costs relating to new products.

Looks nicely set up for a bounce back this year after their annus horribilis.