Ann: FY24 Results Commentary, page-6

Net cash from operating activities was $8.3 million in first half and $1.9 million in second half.

Given investment outflows cash held declined from $7.2 million 31 December to $3.7 million 30 June.

They have fully used tax losses, so tax will now become payable and reduce cash flow in 2024-25.

They mention some revenues delayed on page 2 without specifying how much. Will they need to raise capital or borrow for future expansion?

I cannot see a dividend as likely any time soon. They will expand business rather than return franking credits.

EPS 2 and current PE 19, so a capital raising (and borrowing) might be attractive if needed for takeovers or the asset management business.