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S4 Capital needs to turn more sales into cash

Like-for-like billings rose two-thirds but a big jump in receivables hit operating cash flow
S4 Capital needs to turn more sales into cash
  • Margin improved in the second half of the year
  • Operating cash flow falls

After two delays to the publication of S4 Capital’s (SFOR) annual results, there were concerns that there could be something nasty lurking in the explanatory notes. In the event, other than a slipping operating margin and increased receivables, there was nothing too concerning.

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