qtly report, page-11

It all comes down to what that figure for "Other Working Capital" of $13,020 is. And Woy Woy, I think you're right in saying that it is an amount spent for up-front costs associated with project start-up.

This figure is just under 60% of revenue. This is similar to the same working capital/revenue ratio for the first half (at 57%).

So it would seem that cash-flow timing for projects is critical in meeting forecasts; high costs have to be booked up front and if the matching revenue is not received within the same reporting period it will throw the forecasts out - that's exactly what happened in the first half.

And what seems to have happened in the 3rd quarter is that the additional revenue received in relation to work done in the 2nd quarter has been offset by costs for new projects to be undertaken in the 3rd/4th quarters.