In the recent FY trading update, it appears that sales, EBITDA and net cash will be in line with our bottom of the range forecasts; however, when also considering the £2.2m provision, profit is considerably below. Out of the three metrics, poor operating cash conversion is our principle concern – estimated at just 15%, rising to 43% excluding £2.6m of exceptional costs. Furthermore, what’s alarming is that we do not know the source of this: are credit terms on new cont ....