There is a lot of volatility in the receipts and I just can't tell to what extent FY17Q1 was a one-off. To quote their September 2015 4C: "The Board and Management are very pleased with the positive momentum building in each of its core business segments". This same momentum saw FY16Q2 receipts decrease from $6.6m to $5.1m; during FY16H2, FY16Q3 had higher receipts and FY16Q4 had lower receipts. So you may appreciate why I don't automatically take "This stronger result [FY17Q1] is anticipated to continue into Q2FY17" as an indication that revenues and earnings are about to fly. For all I know, FY17Q2 receipts could be $2m to $3m lower than $9.6m and they could be cashflow negative. I've just interpreted the latest quarter with more conservatism than you, so I'm less optimistic. I need another quarter of solid receipts and net operating cash flow, before I'm willing to call this a buy.
Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 1 Receipts 6,556 5,076 7,169 6,053 9,562 2 NOCF (184) (503) 1,908 (1,289) 527
Ann: Change of Director's Interest Notice, page-10
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