In regard to contract assets reducing by circa $12m, we don't...

In regard to contract assets reducing by circa $12m, we don't know the exact portion of that which is now reclassified as receivables (post condition being met but waiting for payment) or if it has in the last 6 months has been paid, I think they had like $17m receivables <30 days from memory?

When looking at pure cash flows, you need to include a number of things which can affect it, e.g you could make a very loose assumption for the period of 1HFY24 that they received payment for all $12m contract assets, then made payment of $19m in trade & other payables, and then received upfront payment for yet to be performed contract liabilities of $8M, resulting in +$1m CF, obviously just a very loose example.

I don't know anything about Civmec sorry but at a quick glance seem to be much more mature then WSI.

And again, I agree with you on the issue with lack of information, I also am not sure what the objection is in providing a bit of substance to shareholders. It may be a competition thing, lack of ability, time, care? Who knows. I could not disagree with anyone who was not interested in buying this stock because of a) their performance, but more so the handling of 2HFY23 communications (I mean seriously, they did not know until the day of full year release in August??), and b) their lack of communication.

But like I said before, this goes both ways, there is some stocks which feed constant hot air out to shareholders which is exploited by traders to the ultimate detriment of investors.

Barring anything major occurring. my goal (with the full knowledge we will probably here very little to nothing communicate over the next 6 months) is to take up a position at around this price, hold until full year results and reassess. I am in no rush.