Trade receivables less Trade payables = - $49mill "The ability...

Trade receivables less Trade payables = - $49mill


"The ability of the consolidated entity to continue as a going concern is dependent on the directors and
management continuing to manage its cash flows in line with its existing cash reserves and banking facilities
to successfully execute its contracted projects in hand and win new work to operate within the Company’s
cash flow forecast. The Company has commenced discussions with its bank and surety providers to extend
these existing facilities. As the Company has not yet agreed these extensions as at the date of this report,
this creates a material uncertainty which may cast significant doubt as to whether the consolidated entity
will continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities
in the normal course of business and at the amounts stated in the financial report.
The directors believe it is reasonably foreseeable that the consolidated entity will continue as a going
concern and that it is appropriate to adopt the going concern basis in the preparation of the financial
statements."

"Material Uncertainty Related to Going Concern We draw attention to Note 1, which indicates that the consolidated entity incurred a net loss of $2,483,000 and had net cash outflows from operating and financing activities of $6,316,000 and $22,213,000 respectively for the half-year ended 31 December 2022. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the consolidated entity’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter."