Ann: Q1 FY25 Business Growth Update, page-4

Cash is lower “as expected” . What actually does “as expected” mean. To me it means cash fell because cost were high and sales was ordinary.

Next thing they will start talking about “abundance of caution”. A cap raise in an abundance of caution perhaps.

When coy’s say cash flow positive they usually mean operating cash flow, which excludes capital expenditure.

Given we know from the annual report their cost base has gone up a lot, 5.5% increase in invoicing is a significant deterioration in cash flow.

Hoping things improve from here.