Mondy, I've been in business for a long time, there is most likely a different explanation.
My thinking is there must be some decent margin in the work otherwise they wouldn't do it, have you considered that the profit they make on a job(margin) is being spent(plus a bit more) to obtain and start working on the next contracts ? if you had thought about it deeply you may not have posted this.
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-8
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