The increase in the contract assets to $20m (from $2m) is a note of caution for me. Yes, represents money owed for work done but yet to be billed. But the recoverability of their claims is the uncertain element.
The cash balance remaining strong is a positive, given they had received advance payments in previous periods and were always going to have more going out in costs than in receipts from customers.
Ann: Half Yearly Report and Accounts, page-14
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