Whilst I agree they are still cutting it fine from a cash-flow perspective. if you look at the accounts, they repaid $750k of debt during FY19 and have ~$1,295k of current borrowing to be repaid over the next 12m. So not a massive increase.
I think the missing piece of guidance was around Capex. They have been investing a reasonable amount >$1m pa upgrading their centres. They will always have a maintenance level of capex, but I'm not sure what to expect over the next 24m.
News: MFD Mayfield Childcare Posts FY Revenue From Continuing Ops $35.9Mln, Up 13.9%, page-17
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