Ann: Market Update - Continuous Disclosure, page-40

I suspect you need to consider the payments for cap dev, and the balance sheet intangibles. It is a grey matter (lol) as to how they determine what is capitalised and is not.
Cashflows from investing activities: (the vast majority is payments for capitalised development)
2017: -9.3m, 2018: -12.3m, 2019: -11.8m, 2020: -14.2m

These amounts are very significant, and you have OP CF gradually dropping to roughly match PAT, while cap dev and inv payments are expanding. Can't say the numbers are wrong, but there is a lot of flexibility there, and the numbers are portraying relative PAT in a more favourable light relative to the free cashflow figures over time, and it is a trend that can't really logically continue for a long time in a healthy business.

Intangible assets have moved from $20m in 2017 to $29m in 2020, while free cashflow moved from $17m down to $10m, and PBT from $26m to 31.5m (PAT from 18.5m to 24m). If this trend continues then we should find that profit relative to Op CF has to give way, and that intangibles might be well overstated.