Ann: Quarterly Investor Update, page-19

The explanation for the marked differences in the quarterlies lies in the Q4FY23 report.

That outstanding result was qualified by two one off reasons, a reduction in Q4FY23 working capital expenditure & the favourable timing for collection of debtor receipts. Revenue that ordinarily would have been received in Q1FY24 was collected in June23.

Any price weakness today based on concern for the face value difference in the quarterlies is unfounded.

This result represents a pleasing outcome, even more so considering that the Q4FY22 report was aiming for a net debt position of $15M for June24.

The continued adherence to prudent capital management is welcomed but nothing will get the SP moving better than a growing dividend.