Ann: Half Yearly Report and Accounts, page-11

Creditor days up in the 90's and a (real) current ratio of 0.64.... this is a very weak balance sheet and who knows how real the Contract Assets number really is.

They had $10m of cash at end of Dec and burnt $6m of operating cash in H1.

Surely they are very close to running out of cash and have a lot of unhappy suppliers who will be switching them over to COD terms soon, if not already.

What is management's next move here? The way I see it is they either negotiate another restructure of their lending facilities or they are going to need to raise capital (at a heavy discount) before the calendar year is out.