IIRC, the $4mn receivable in the last half was almost entirely Devereaux.
Since Jan showed $500k profit before tax, it's fair to assume they've worked through the $4m.
So in reality, $4m of inventory was used last half, as opposed to the $8m sold in pcp.
50% reduction in inventory, but reduced sales to effectively 0 due to change in who holds the inventory.
Ann: Company Update, page-49
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