Cash conversion is simply a measure of how a company converts...

Cash conversion is simply a measure of how a company converts earning (EBITDA or whatever metric) into operating cash.

Yet again, Joe Aston shows himself to be a genuine idiot.

IATA (BSP) payments and other supplier payments at travel companies are large lump sums that are done on specific calendar dates. Depending when this date is, the cash balance or conversion can be dramatically skewed. Look at flight centre of any other travel company and the wildly different trade creditor balance as at 30 June...

CTM is also growing at ~30%.... It is completely expected that working capital would require further cash which would reduce the conversion.

Not to mention that this is a corporate travel industry, they won't have the seasonality that FCTG has. However, with a large part of their business in the USA, CTM will generally have a larger second half.

Seriously, it's the first mistake Viking made. They don't understand the business model. It's ridiculous. Happy to eat my words but Joe is a genuine DH - Maybe he should give up journalism and go do a grad diploma in account.