Cash Flow

for the year ended 30 November 2007

      2007   2006
    £m   £m
Profit for the year from continuing operations     13.4   7.1
           
Adjustments for:          
Depreciation     9.8   7.0
Amortisation     3.3   2.4
Income tax expense     5.7   2.7
Net financing costs     3.7   2.3
Increase in inventories     (0.6)   (6.7)
(Increase)/decrease in trade and other receivables     (7.5)   1.0
Increase/(decrease) in trade and other payables     4.0   (0.7)
Equity settled share based payment     1.2   1.0
Other     0.1   -
           
Cash inflow from operations     33.1   16.1
           
Interest received     1.7   1.4
Interest paid     (4.5)   (3.2)
Tax paid     (3.9)   (1.7)
EU fine paid     -   (8.5)
Pension cash contributions in excess of
operating charge 		    (3.5)   (6.0)
           
Net cash inflow/(outflow) from operating activities     22.9   (1.9)
           
Acquisition of subsidiaries and associate - net of cash     -   (36.7)
Acquisition of property, plant and equipment     (15.1)   (9.9)
Intangible assets purchased      (1.5)   (0.3)
Finance lease capital repayments     (0.3)   (0.5)
Disposal of subsidiaries     -   1.5
Disposal of property, plant and equipment     1.5   1.5
           
Net cash outflow from investing activities     (15.4)   (44.4)
           
Proceeds of share issues     0.6   43.1
Purchase of own shares     -   (1.5)
Inflow from new borrowings     4.4   46.0
External debt acquired with subsidiaries     -   (45.9)
Movement in cash flow hedges     (3.6)   -
Equity dividends paid     (7.0)   (6.6)
           
Net cash (outflow)/inflow from financing activities     (5.6)   35.1
           
Net cash inflow/(outflow)     1.9   (11.2)
           
Cash and cash equivalents at start of year     3.3   14.7
Foreign exchange differences     0.6   (0.2)
           
Cash and cash equivalents at end of year     5.8   3.3