betting against the technicals, page-6

Or just poor cashflow??

Receipts from customers (inclusive of goods and services tax) $318,352,000
Payments to suppliers and employees (inclusive of goods and services tax)
($316,257,000)

leaves
$2,095,000

not a lot left over for a business turning over more than $300 mil.

Unlike the old SHV business where they were paid a fee for service and threw off lots of cash each year, the new business is capital intensive, margins were poor this year and they are still doing the fee for service stuff for another 1.5 years, yet the cashflow was rubbish.

p.s. yes, I know my view on SHV has changed, spent some time looking at the AR and thinking about the business model.