Interesting to following the net cash position :
. 2.9 m$ at 30/6/23 (net of 2.9 m$ borrowing)
. 8.5 m$ at 31/12/23 (net of 0.2 m$ borrowing)
. 16.3 m$ at 30/6/24 (if 0 borrowing).
So their net cash position increased by 13.4 m$ in 1 year.
We can estimate that their free cash flow was around 15.2 m$ in FY 24 (after the payment of 2 dividends for 1.8 m$), if there was no major one off.
Not bad for a company which has a market cap of 66 m$ (at 0.72 $) and an EV of 50 m$.
Ann: Mayfield doubles the amount of the final dividend, page-7
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