Ann: Half Yearly Report highlights, page-16

Not concerned for now because if u look at the company its really in the very early stages of growth and getting their house in order. We have really seen only 12 months of substantial revenue growth so historically cash flows, debtors etc will be all over the shop. Show me a single company whose financial are pristine in their first or second year of operations. These guys are probably learning on the go about their business and one should expect some not too recognisable or unexplained numbers (although if you are worried you pick up the phone and call them). Generally speaking at this stage i'd be more inclined to see how revenues and expenses are correlated and whether the business is sustainable in its current format. From a neutral perspective so far it's looking promising (that doesn't mean that they will succeed, I'm merely suggesting that on the last 12 months you would be fairly pleased with overall growth of the company as a whole).