Don't sweat the bottom line here for the declared period - it's...

Don't sweat the bottom line here for the declared period - it's a 3 month snapshop of a 12 month trading period. No more. No less.
It is cashflow negative for the declared trading period but that's not the same as saying they made a trading loss.

On the contrary, based on supplied management notes, it's closer to an underlying profit.

Management have been clear and explained the situation with respect to the aged debtor issue. (If they were silent, then we would have problems)

Could it occur again... absolutely... that's a business counter party risk that all organisation have to take on.

Aged debtors that turn in bad debt -- that's an issue.

Be patient for the October 4C and the half yearly Profit and Loss report.

If things continue on the current course, and cost reduction through operational synergies materialize, I'm hopeful of an underlying profit in the half yearly financials.