Ann: Mayfield doubles the amount of the final dividend, page-25

"I am surprised that they are able to increase it so much during H2 (vs H1) as H1 24 was already a high level of comparison (it was boosted by a decrease of 3.1 m$ for their working capital).
It probably means that they had a significant increase of activity during H2, while revenues decreased by 8 % yoy during H1 24 (only due to client-induced delays, while they had a strong order book).
It is also surprising that Mayfield had such a free cash flow for H2, while they mentioned after H1 that they wanted to further invest to enhance capacity during H2 24 and FY 25."

Yes, pretty phenomenal, but as always the devil is in the detail.
So I'm very interested to see the full set of accounts to see what drove that amount of capital release in the half.

Either they ended the financial year with zero working capital balance, or they received a very large pre-payment which will manifest in the balance sheet as a nice fat deferred revenue balance.

Whichever it is, I think it would be prudence to expect a partial reversal of that prolific capital in the current half.

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