Ann: Special and Interim Dividends Declared, page-3

3 good news there :

- good level of new orders, thanks to one large order (20 m$) and other new contracts awarded (15 m$ cumulated), so the work in hand is now 96 m$,
- still a high level of cash at 31/12/24 at 11.4 m$ (vs 16.1 m$ at 30/6/24),
- a clear policy in term of cash use, with the decision to distribute 5 m$ via special dividend (fully franked).

So, the main question is why the cash has decreased by 4.7 m$ in 6 months.
As usual, we will have to wait the final H1 25 results to have a clear answer.
However, there are 2 elements which can explain such a cash decrease :
- possible reverse of the working capital which decreased by 8.9 m$ during FY 24,
- final dividend impact (of 1.8 m$).
If there are no one off elements that the 2 elements above, it means that the free cash flow was around 6 m$ during H11 25, which looks high for a company which has an EV of 66 m$ now (MYG share price : 0.84 $).