A quality business
sharpening our edge
Financial statements
| Six months to 30th June | Six months to 30th June | Year ended 31st December | |||
| 2010 | 2009 | 2009 | |||
| notes | £000 | £000 | £000 | ||
| Cash flows from operating activities | |||||
| Profit before taxation | 61,284 | 30,199 | 76,415 | ||
| Depreciation and amortisation | 10,294 | 9,338 | 18,550 | ||
| Share of profit of associates | (1,579) | (1,179) | (2,407) | ||
| Profit on revaluation of investment on acquisition | (8,204) | - | - | ||
| Equity settled share plans | 1,115 | 1,144 | 1,929 | ||
| Net finance expense | 425 | 1,045 | 2,514 | ||
| Operating cash flows before changes in working capital and provisions | 63,335 | 40,547 | 97,001 | ||
| Change in trade and other receivables | 846 | 4,080 | (74) | ||
| Change in inventories | (4,261) | 2,437 | 11,057 | ||
| Change in trade and other payables | (425) | (6,283) | 2,008 | ||
| Change in provisions and post-retirement benefits | (3,741) | (4,101) | (7,072) | ||
| Cash generated from operations | 55,754 | 36,680 | 102,920 | ||
| Interest paid | (735) | (605) | (1,366) | ||
| Income taxes paid | (14,925) | (15,424) | (29,877) | ||
| Net cash from operating activities | 40,094 | 20,651 | 71,677 | ||
| Cash flows from investing activities | |||||
| Purchase of property, plant and equipment | (10,870) | (13,957) | (33,397) | ||
| Proceeds from sale of property, plant and equipment | 489 | 375 | 1,898 | ||
| Purchase of software and other intangibles | (510) | (758) | (1,056) | ||
| Development expenditure capitalised | (1,046) | (819) | (2,099) | ||
| Acquisition of businesses | (2,479) | (1,288) | (27,192) | ||
| Interest received | 418 | 341 | 630 | ||
| Dividends received | 1,779 | 316 | 1,498 | ||
| Net cash used in investing activities | (12,219) | (15,790) | (59,718) | ||
| Cash flows from financing activities | |||||
| Proceeds from issue of share capital | 437 | - | 45 | ||
| Proceeds from reissue of treasury shares | 3,367 | 343 | 1,921 | ||
| Repayment of borrowings | 7 | (10,256) | - | - | |
| Proceeds from borrowings | 7 | - | 2,056 | 20,614 | |
| Payment of finance lease liabilities | 7 | (7) | (24) | (67) | |
| Dividends paid (including minorities) | (19,743) | (17,739) | (25,763) | ||
| Net cash used in financing activities | (26,202) | (15,364) | (3,250) | ||
| Net increase in cash and cash equivalents | 7 | 1,673 | (10,503) | 8,709 | |
| Cash and cash equivalents at beginning of period | 7 | 61,635 | 52,095 | 52,095 | |
| Exchange movement | 7 | 1,484 | (4,260) | 831 | |
| Cash and cash equivalents at end of period | 7 | 64,792 | 37,332 | 61,635 | |
| Borrowings and finance leases | 7 | (44,557) | (33,231) | (53,602) | |
| Net cash | 7 | 20,235 | 4,101 | 8,033 |