IMHO perhaps some of it is:
- the customer accounts departments close early for Xmas holidays and so more cash is received in the following month than occurs during other quarters.
- USA year end is 31 Dec, so again they invoice earlier to reduce tax, but pay the next year to make cash balance look better.
- same as above due to Trumps tax reduction.
Ann: Appendix 4C - quarterly, page-134
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