market update, page-17

Hey all

Afraid that I dont share the view above - I don't think its all doom and gloom. Receivables and Payables increased by about $5 million each, therefore no real impact on operating cashflows, and given the acquired business one would expect them to increase. They repaid $10m of debt without raising any capital and the final dividend payout is approx $2.2 million, which is only around 10% of operating cashflow (obv excluding interim dividend).

Not an amazing result by any stretch of the imagination, but not that bad really. We all know this is a low margin business, but we get paid 10% each year to wait for management to turn it around. Time will tell.