Ann: Appendix 4C - quarterly, page-7

You are dead right there, you need to look well ahead, and at the past rate of income growth and expenditure and project that forward.
The figures for this company tell a good story.
Investment in inventory is not the same as recurrent expenditure. It is an investment with a return based on existing orders, which incidentally, are growing.
Even without all the development the company is doing it is undervalued.
To look at cash reserves and make an investment decision based on a possible cash raise is clearly focusing on micro economics of the company. Even if there was a cash raise later in the year it would matter little as the growth would cover any dilution.
I hope this never becomes a good "trading stock". There is enough " put it on the red dog" in the market already for mug punters.
I see this as a company to invest for the long term, just my silly old ways.