Ann: M2 delivers 60% increase in underlying net profit to $93.3M, page-20

Yes, well said ValueSnatcher, it's cash that counts, not accounting adjustments. Nothing in the report not to like.

I can't see how a 48% increase in EBITDA can be translated into cash poor by nih123. Also, CapEx at 2.5% of revenue is hardily 'heavy '. The debt has always been a concern but they have it well covered by growing subscriptions and it will come down, shareholders will continue to benefit form the leverage.

M2 Group was (maybe still will be) a heavily shorted stock, perhaps that quick SP reversal is what has got the heckles up with some short traders.