Total receivables actually fell slightly. So the fall in...

Total receivables actually fell slightly. So the fall in contract assets did not boost receivables.

I think the more likely explanation for the low cash flow last half is the fall in trade payables. They used incoming cash to pay down outstanding payables which had jumped in the previous year.

While contract liabilities have been invoiced they have not necessarily been paid (by end December). If they had you would worry about cash flow this half year when the expenses on the contracts will be incurred.

All this makes me cautious about just looking at the profit figures. The balance sheet raises a lot of questions. I am holding and hoping rather than buying.

We need more proof all is well.