Ann: Half Year Report to Shareholders, page-4

Fails the sniff test to me:
Plenty of accounting profit; Negative cash flow. For the fourth financial period running


Massive working capital drag over the past 2 years (now up to a whopping 35% of Sales).
The result: no positive cash flow generation.

Combine this with the decline in GP margins over the past few years suggests to me that something's not quite right.

But hey, maybe the market simply doesn't care about cash flow...