Ann: AVG Half Year 31/12/21 Presentation, page-6

Result OK, due to a reduction in profitability and unfavourable movement in working capital.

Trade receivable is up 9 Mill & Trade payables down 21 Mill. That alone is a - 30 Mill movement, add in the reduced profit and capital return, meant they have had to drawdown on their debt facility by 40 Mill.

Once the working capital unwinds in 2nd half, expect debt to reduce back to normality.

They continue to hold a large level of stock, nearly one years worth of COGS which seems a lot, would like to see them bring that down a bit more.