No my comment was made in relation to NHS spending commitments & their onflow into potential ALC contracts.
Large contracts & upfront commitments will always occur more often in the NHS leading up to the start of April.
A large NHS contract announced in Apr last year resulted in large cash receipts in Q4 for instance.
ALC also has two separate cash streams the repeat annual stream & the upfront installations. You will always get a cash bump from the installation business in the months following large contracts after which cash receipts dropback to an annualised level.
If there is a long period between large contracts, as there currently is, then there will be a drop back to the lower level.
However this doesn't mean you should be using this annualised level of receipts to monitor the business as ALC is only at the start of penetrating the UK market.
If you did use this level ALC would still be CF negative.
It's the difference between assuming ALC will gain no more market share & assuming ALC will pick up more market share i.e forward looking.
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- Ann: Q1 FY22 Quarterly Activities Report and Appendix 4C
Ann: Q1 FY22 Quarterly Activities Report and Appendix 4C, page-34
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