any following this little beauty?, page-20

Given that Revenue is estimated to be slightly higher than the last financial year I am fairly comfortable at this stage that company performance is OK.

But really waiting to see full year financial report.

There does seem to be some variation between cashflow, revenue and profits for this company. It does seem that sometimes they get paid up front for subscriptions. The payments are recorded as other liabilities as Objecitve have been paid for service not provided yet. Then progressively the accounts are updated and figures move from liabilities to revenue.

It was difficult to understand the first half profit figure as the revenue for the first half was 19M which was not much less than the PCP.

Profit is a stange accounting construct and for Objecitve looking at Cashflow seems to give a better idea of company performance.

I will be particlarly looking at the "other liabilities" recorded in the balance sheet as an indication of the level of unearned income compared to previous year.