A little Gem for forward thinkers, page-33

I'm in the same boat Stephen,

Just found out about this company from the livewire podcast and thought would be worth a closer look as I like small caps that are founder led and haven't been noticed by the rest of the market. So have started going through the Appendix 4Es. I'm a sucker for businesses that generate positive (hopefully growing) operating cashflow as accounting profit can be messy.

Looking at the 4E from the FY20 year they had cash receipts of 34.7m, and payments of 37m, a few hundred thousand for the net of finance costs and income tax gives a -ve cash flow of 2.03m

Jumping forward a year for FY21 and receipts have gone up to 45.2m (good sign), but payments have also jumped to 47.8m (eek). Also 1.9m in interest/other income received, which has no notes to explain it from what I can see. Finance costs of $636K. -ve cashflow of 1.27m. An improvement over FY20 for sure but still negative...

Also on a sidenote the cash receipts in the FY20 report for that year are 34.7m, but the cash receipts for the same year (FY20) in the FY21 report are now 36.6m but the outflow figure is still the same. (-2.03m) There are no notes for why this is? Also the income tax paid amount for FY20 has not appeared in the FY21 report for the FY20 column?

If anyone can shed some light on this would be much appreciated. Is there some timing issue around inventory build up? with all the acquisitions are they acquiring new inventory?