Ann: Annual Report to shareholders, page-188

@leemsip,

Spot on with the working capital impost which dragged down the OCF. When that unwinds in the current half - even if only to some extent - the market will be pleasantly surprised, I think.

Like it is with so many of these "green" business models, the problem here is that there was too much trumpeting of the green credentials and what a noble endeavour CLG was undertaking, and not enough backing that up with reporting of sound financial performance.

Being "all about the vibe" is fine, but you also need to make an adequate financial return for the owners of the business.

Lots of customer concentration risk, so you need to factor that into whatever valuation multiple you think is correct. The revenge selling has clearly been acute since the result, but it feels like it is finally running out of steam.

.