Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-8

Morning everyone

Yes- it is hard to know what to make of the decreased revenue & cash receipts due to "program delays".

Up until this report, the trend for both revenues & receipts were strongly upwards.

HTG have mentioned program delays were due to inflation creating margin issues for their clients (preventing them from finalising the deal with HTG) - but they do seem relatively confident that these issues will be resolved.

There was quite a few negatives for me in this report - including no mention of some of the more promising leads / deals, and some of the actual numbers.

But the current new sale negotiations seem to be going OK, the "pipeline of work" appears to be strong, and HTH are definitely reducing their overheads (with cash outgoings reducing consistently by over $200,000 for the last few quarters).

And they are still spending nearly $1.0m a quarter on R & D - and they should get most of this refunded.

Now they really need to ramp up revenues & receipts quickly!!