They recognize revenue when orders are confirmed and processing on order is begun. This is offset by a balance sheet listing for unearned revenue. This is according to EU and UK accounting standards and is a little strange for US companies. Look at the March, April, May and June financials and you can begin to see the play-off between Cash, AR, AP, Debt financing and Unearned revenue. These items play-off each other and will continue to adjust as orders come in and are delivered on.
eamaple: signed contract: 100% to revenue - 100% to unearned revenue
production 50% 50% of unearned moved to AR
production 100% remaining unearned moved to AR
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