Operating cashflow's have definitely been growing since 2009,...

Operating cashflow's have definitely been growing since 2009, and perhaps earlier.

But there's two thing's that should be kept in mind:

1. Not all of those cashflow's are available to distribute to shareholder's or to expand operations, or even to pay down debt. After FY2009, when it appears most of the growth investment was completed (the bulk of it), addition's to PPE (mainly plant & equipment) have been running at close to 4% of revenues. With revenues averaging about $93m in the last few years, it's probably a fair guess that over $3.5m in capex is required just to sustain current operations. This has been masked in the past because of the heavy usage of finance leasing, the repayment's of which are shown under the "financing cashflow's". However, these are akin to capex.

But if we want to talk about the cashflow's that really matter, that is the free cashflow's, then we need to subtract this amount (or whatever you think is a fair estimate, if you don't agree with mine) from the operating cashflow figure's.

2. Also, in FY2016 nearly $2m was released from working capital (I believe). In the prior two year's, working capital actually consumed a fair amount of cash. So we probably can't rely on continuing reduction's in working capital, going forward, to beef up the op cashflow's.

So, by my reckoning, for what one year's number's are worth, FY16 indicate's underlying free-cashflow's of about $8.3m. This, incidently, compare's well with the reported net profit for the year ($8.1m).