Ann: Half Yearly Report and Accounts, page-29

Profit margin is low and operating cash flows were negative, but they have $20 million in contract assets for work already done, but not yet billed.
So cash flow in the next period will benefit in a major way.

While they have near $20 million in cash holdings I assume they need to hold cash against the $10 million bond facility?

I find it odd they do not indicate the size of the order book.

I do not agree with LD99 that interest rates are a danger. The risk is inflation and that contracts will have cost overruns.

A good example is Aerison (AE1) which has just generated (unexpected) losses on a number of contracts where there were cost overruns.

You either need to be very good at writing contracts and/or have a healthy profit margin. That leaves me cautious about investing in WSI.