For the half year to 30 June 2008
| Note | 2008 Half year £m |
2007 Half year £m |
2007 Full year £m |
||||
| Cash flows from operating activities | |||||||
| Profit after tax | 27.2 | 41.5 | 86.2 | ||||
| Adjustments for: | |||||||
| Tax | 11.9 | 14.9 | 31.9 | ||||
| Profit on disposal of businesses | (0.3) | (19.4) | (19.0) | ||||
| Finance costs | 10.4 | 6.5 | 13.4 | ||||
| Financial income | (4.5) | (4.6) | (9.6) | ||||
| Depreciation | 6.5 | 6.3 | 13.1 | ||||
| Amortisation of intangible assets | 1.7 | 1.0 | 2.0 | ||||
| Loss/(gain) on sale of property, plant and equipment | 0.4 | 0.3 | (0.6) | ||||
| Equity settled share-based payment expense | 1.3 | 0.4 | 0.9 | ||||
| Operating profit before changes in working capital and provisions |
54.6 | 46.9 | 118.3 | ||||
| Decrease/(increase) in trade and other receivables | 17.1 | 15.3 | (2.0) | ||||
| Increase in inventories | (9.5) | (7.1) | (6.9) | ||||
| (Decrease)/increase in trade and other payables | (5.4) | (10.8) | 10.1 | ||||
| Decrease in provisions and employee benefits | (4.0) | (2.5) | (4.5) | ||||
| Corporation tax paid | (11.5) | (8.5) | (23.8) | ||||
| Net cash from operating activities | 2 | 41.3 | 33.3 | 91.2 | |||
| Cash flows from investing activities | |||||||
| Purchase of property, plant and equipment | (11.3) | (4.9) | (12.7) | ||||
| Proceeds from sale of property, plant and equipment | – | 0.1 | 1.4 | ||||
| Acquisition of businesses, net of cash acquired | (7.7) | (0.5) | (6.0) | ||||
| Proceeds from disposal of businesses, net of cash disposed | 0.3 | 30.4 | 29.8 | ||||
| Interest received | 0.7 | 1.0 | 1.9 | ||||
| Net cash (outflow)/inflow from investing activities | (18.0) | 26.1 | 14.4 | ||||
| Cash flows from financing activities | |||||||
| Interest paid | (4.9) | (4.1) | (8.2) | ||||
| Dividends paid to equity holders of the parent | (17.6) | (15.4) | (22.2) | ||||
| Share options exercised by issue of share capital | – | 0.1 | 0.2 | ||||
| Share options exercised from shares held by Employee Benefit Trust |
0.1 | 0.9 | 1.0 | ||||
| Share options exercised from treasury shares | – | 2.0 | 2.9 | ||||
| Sale of own shares by Employee Benefit Trust | (0.1) | (1.5) | (1.6) | ||||
| Purchase/ sale of own shares – treasury shares | (9.3) | (32.5) | (79.2) | ||||
| Decrease in finance lease liabilities | – | (0.1) | (0.1) | ||||
| Net cash from financing activities | (31.8) | (50.6) | (107.2) | ||||
| Net (decrease)/increase in cash and cash equivalents | (8.5) | 8.8 | (1.6) | ||||
| Cash and cash equivalents at beginning of period | 47.4 | 47.0 | 47.0 | ||||
| Effect of foreign exchange rate changes | 1.7 | (0.6) | 2.0 | ||||
| Cash and cash equivalents at end of period | 40.6 | 55.2 | 47.4 | ||||
| Reconciliation of changes in cash and cash equivalents to movements in net debt | |||||||
| Net (decrease)/increase in cash and cash equivalents | (8.5) | 8.8 | (1.6) | ||||
| Net decrease in finance lease liabilities | – | 0.1 | 0.1 | ||||
| Effect of foreign exchange rate changes | (4.7) | 0.7 | (4.1) | ||||
| Movement in net debt | (13.2) | 9.6 | (5.6) | ||||
| Net debt at start of period | (77.3) | (71.7) | (71.7) | ||||
| Net debt at end of period | 2 | (90.5) | (62.1) | (77.3) | |||