Correct take. They have deliberately obfuscated by combining receivables and work in hand. I have followed this business for a while but one thing that has been clear for years is that TCV metrics being spouted never actually turned into cash receipts. Every quarter there is some sort of deal delay which means next quarter will be the big one. It is all one big narrative spin.
Per the half-yearly released in February, at 31 December they had just $77,037 in "trade and other receivables" (i.e. low inflows outstanding). Yet they had had $2,101,942 in "trade and other payables" (i.e. high outflows outstanding). It seems beyond the realms of probably that payables owned to them has suddenly soared from $77K to something in the multi-millions. Perhaps it really has - but then they should have been able to be clearer and specifically split it out.
And as the figures above in bold show, if you're going to trumpet your trade receivables, you should probably mention your trade payables too as that's the other side of the equation. The fact they don't just about says it all.
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