Better than expected with a cash flow from operation of 5 m and a free cash flow of 4.5 m for the quarter.
So, the company did well both with sales (already known before) and operating costs (also better than expected).
The surprise on the costs was that total costs were slightly lower than previous quarter, despite the payment of backpay (impact of around 0.24 m on staff costs looking at December quarter vs September quarter).
Thanks to the free cash generated during this quarter, the company turned net cash at the end of December (net cash of 1.8 m).
So, they have generated 3.3 m of free cash flow during the first half.
If they are able to stabilize their free cash flow (at last year level) during H2, we can expect a free cash flow of 6.9 m for the year*which corresponds to a free cash flow yield of 48 %.
* vs 6.3 m for my previous expectation.
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