Ann: Half Yearly Report and Accounts, page-26

Yes.
Could/should have been a lot worse given severe lack of market demand & drastic reduction in sales of 62%.
# The 3 segments produced positve EBITDA of around 10% each (down from historical 30%)
# Cash flow +ve ....A virtue of cleverly managing creditors hence the large payables.
# Paying down debt.
# Evident effort at containing the rampant expantion in inventories & stocking of raw materials......Inventories remaind stable with next to nothing raw materials expenses.
# working capital dropped significantly from $16m to $10.5m.....35% drop.
A picture of a businness pulling in its horns in the face of non existent market demand.
I have to say that the mistakes happened under the watch of the old management team....Who is responsible for the remedies? we can't give the new team any credit yet.