"Revenue from the rendering of a service is recognised upon the delivery of the service to the customers." (from the FY21 Annual report, note 2.)
So revenue is actually not connected to invoicing. As you say, If the service is invoiced but not yet fully delivered, some (or all) will end up on the balance sheet as a liability instead of on the P&L and if unpaid, it will also be an asset under receivables.
So you can't safely assume that once an invoice is raised, it becomes revenue.
It is very hard to reconcile anything for these service companies.
The receivables should all turn into cash (and revenue) eventually, but I would like to see the aging profile.
I've changed my sentiment based on understanding that a big chunk is the R&D receivable.
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