The short answer is, in theory yes, and that is probably the...

The short answer is, in theory yes, and that is probably the markets hesitation.

However you need to consider the order book, the trade Recievables and the contract assets as well, as well as cash at hand. Net assets are an improvement on last year. also consider that new work is probably going to be won, which will theoretically increase the net assets (provided done right).

All that is here is not uncommon for this industry. Clearly the company is at a turning point in terms of bigger contracts and clients, so those that are in now have the most reward to gain IMO.