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Geong – cash flow still awful and red flags building

20/12/2011 · Geong International (GNG) 

The China based and focused internet solution provider announced its unaudited interim results for the six months ended 30 September 2011 with the usual cash flow issues highlighted......and the usual excuses!

Turnover was broadly flat at £4.8m (H1 2010/11: £4.7m) and profit before tax up £0.71m compared with £0.67m in the comparable period.

The rise in net cash to £7.3m from £4.1m was as a result of the £2.9m of new money raised in the period but there was another operating cash outflow of £757,000 as a result of the rising level of trade receivables of £18.7m, due largely to building levels of accrued income of…

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