Well, the market certainly liked the quarterly! Looks like just...

Well, the market certainly liked the quarterly! Looks like just like last July most punters only judge based on the operating cash flow figure for one quarter which seems a bit foolish.

+The cash flow is positive, plenty of cash so no CR risk and less chance of needing to use the extra finance facility.
+Profitable subsidiary accounts (profit is all that matters in this game IMO and I couldn't care less about the short-term cash movements).
+Synergies and cost savings with Alltype integration now boosting the financials.
+Very strong tendering activity which should be rewarded in the coming months with contract wins.
-The receipts from customers this quarter confirms a negative trend despite the Alltype acquisition ($14M, $15.4M, $12M and now $12.2M) which is concerning and doesn't exactly reflect a growing business.
-No forward order book figure so assume it to be very weak given only one small $2 million contract has been announced all year.
-The cash flow has been artificially boosted significantly this quarter by the share issues in lieu of salary.
-The unmarketable parcel sale process (closing this week) will likely see many millions (5-10 million perhaps) of shares dumped on market at some point in early August. I have seen this happen on a few other stocks and it's certainly not pretty in the short-term!

I think the market got ahead of itself today so given the share price pumped +100% since the March lows and the sector peers are weak I took the opportunity to reduce my holding for the time being. The extent of contract wins (or lack of) in the coming months is crucial for this business IMO.