Ann: Appendix 4D and Half Year Financial Report, page-4

All good....Except for the measly confirmed orders of $20m,but this could change quickly.
The market punished ZGL unnecessarily harshly after 2020 annual report , because it looked financially vulnerable with high debt/high gearing , large negative cash flow & a ballooning balance sheet........I was of the view that there was large amount of cash that will will be freed.....It took 6 months to turn things around.
# The balance sheet is much leaner & "meaner"......It shrank by $21m (total assets+total liabilities)
# NCAO (Net Cash After Operations) >$21m.....This is huge.
# Gearing down substantially to 18% from 49%.
# Working Capital a hefty $26.8m up $4.7m from June last year.
A remarkable turnaround , thanks solely to the Oil & Gas sector with EBIT $4.8m or 15% margin which is considered quite healthy , compensating for the laggards construction & precision that are barely breakeven.
Despite the good result ,ZGL will struggle for the rest of this FY if they don't pick up more orders simply because of their high fixed cost.