Ann: Trading Update to 31 December 2020, page-9

Agree my back of the envelope calculations gave me an NPAT of 8-9m as well. @PortfolioPlus- they seem to get management accounts approximately 1 month in arrears as far as I can tell- if you look through and try to reconcile the various figures (esp the cash position) during the Covid updates, there is no other explanation for the numerous EBITDA upgrades that occurred and the cash positions they are quoted- ie par for the course. I wouldn’t read into cash given we don’t know how much of the M&A fees have been paid or sit in payables or the inventory position right now. They’ve accounted pretty conservatively with good cash conversion in the past so I think the EBITDA figures are the most reliable. All in, really can’t complain.