Profit before taxation | | 93.1 | 92.4 |
Adjustment for exceptional operating costs | 3 | 8.9 | 16.9 |
Adjustment for net financing costs | 7 | 2.7 | 2.4 |
Operating profit before exceptional operating costs | | 104.7 | 111.7 |
Depreciation and amortisation | 5 | 33.5 | 29.3 |
Loss on disposal of non-current assets | 5 | 1.4 | 1.2 |
Operating cash flows before exceptional operating costs and movements in working capital | | 139.6 | 142.2 |
Decrease/(increase) in inventories | | 8.6 | (45.0) |
Decrease/(increase) in trade and other receivables | | 2.5 | (4.6) |
(Decrease)/increase in payables | | (31.4) | 23.4 |
Net movement in working capital before exceptional operating costs | | (20.3) | (26.2) |
Share-based payments expense/(credit) | 6 | 0.3 | (0.3) |
Interest received | | — | 0.1 |
Tax paid | | (18.9) | (25.0) |
Net cash generated from operating activities before exceptional operating costs | | 100.7 | 90.8 |
Cash flows in respect of exceptional operational costs | 3 | (2.2) | (11.3) |
Net cash generated from operating activities | | 98.5 | 79.5 |
| | | |
Cash flows from investing activities | | | |
Acquisition of intangible assets | | (12.1) | (11.4) |
Proceeds on exceptional disposal of property, plant and equipment and intangible assets | 3 | 0.6 | 0.2 |
Acquisition of property, plant and equipment | | (34.1) | (46.6) |
Amounts due to secured creditor on acquisition | 2 | — | (7.5) |
Net cash used in investing activities | | (45.6) | (65.3) |
| | | |
Cash flows from financing activities | | | |
Proceeds from issue of treasury shares | 22 | 1.3 | 0.9 |
Purchase of treasury shares | 22 | — | (4.2) |
Drawdowns on revolving credit facility | 19 | 10.0 | 50.0 |
Repayments of revolving credit facility | 19 | (10.0) | (5.0) |
Interest paid | 7 | (1.9) | (1.4) |
Loan transaction costs | | (0.8) | — |
Ordinary dividends paid | 9 | (53.4) | (51.6) |
Net cash flows used in financing activities | | (54.8) | (11.3) |
| | | |
Net (decrease)/increase in cash and cash equivalents | | (1.9) | 2.9 |
Foreign exchange revaluations | | (0.5) | (0.4) |
Cash and cash equivalents at the beginning of the period | 16 | 17.4 | 14.9 |
Cash and cash equivalents at the end of the period | 16 | 15.0 | 17.4 |