| Highlights |
| Chairman's Statement |
| Chief Executive's Statement |
| Financial Highlights |
| Group Overview |
| Strategy and Objectives |
| Key Performance Indicators |
| Operating Review |
| Financial Review |
| Principal Risks |
| Corporate Responsibility and Employees |
| Board of Directors |
| Directors' Report |
| Directors' Remuneration Report |
Note |
2008 £m |
2007 £m |
|
|---|---|---|---|
Cash flows from operating activities |
|
||
Profit after tax |
|
81.1 |
86.2 |
Adjustments for: |
|
||
Tax |
11 |
25.0 |
31.9 |
Profit on disposal of businesses |
28 |
(0.3) |
(19.0) |
Finance costs |
10 |
15.7 |
13.4 |
Financial income |
10 |
(7.8) |
(9.6) |
Depreciation |
16 |
10.4 |
13.1 |
Amortisation of intangible assets |
15 |
7.7 |
2.0 |
Loss/(gain) on sale of property, plant and equipment |
7 |
0.1 |
(0.6) |
Equity settled share-based payment expense |
27 |
1.8 |
0.9 |
Operating profit before changes in working capital and provisions |
|
133.7 |
118.3 |
Decrease/(increase) in trade and other receivables |
7.8 |
(2.0) |
|
Increase in inventories |
(10.1) |
(6.9) |
|
(Decrease)/increase in trade and other payables |
|
(1.4) |
10.1 |
Decrease in provisions and employee benefits |
|
(6.9) |
(4.5) |
Corporation tax paid |
|
(24.0) |
(23.8) |
Net cash from operating activities |
99.1 |
91.2 |
|
|
|
||
Cash flows from investing activities |
|
||
Purchase of property, plant and equipment |
|
(21.9) |
(12.7) |
Proceeds from sale of property, plant and equipment |
0.9 |
1.4 |
|
Acquisition of businesses, net of cash acquired |
31 |
(87.2) |
(6.0) |
Acquisition of an associate undertaking |
31 |
(0.6) |
- |
Disposal of businesses |
|
1.5 |
29.8 |
Interest received |
|
1.6 |
1.9 |
Net cash flows (used in)/generated by investing activities |
|
(105.7) |
14.4 |
Cash flows from financing activities |
|||
Interest paid |
(10.1) |
(8.2) |
|
Dividends paid to equity holders of the parent |
12 |
(25.0) |
(22.2) |
Share options exercised by issue of share capital |
|
? |
0.2 |
Share options exercised from shares held by Employee Benefit Trust |
|
0.1 |
1.0 |
Share options exercised from treasury shares |
|
0.2 |
2.9 |
Purchase of own shares by Employee Benefit Trust |
|
(0.2) |
(1.6) |
Purchase of own shares ? treasury shares |
|
(9.3) |
(79.2) |
Proceeds from borrowings |
|
50.0 |
- |
Decrease in finance lease liabilities |
|
- |
(0.1) |
Net cash flows generated by/(used in) financing activities |
|
5.7 |
(107.2) |
Net decrease in cash and cash equivalents |
|
(0.9) |
(1.6) |
Cash and cash equivalents at beginning of year |
|
47.4 |
47.0 |
Effect of foreign exchange rate changes |
|
8.3 |
2.0 |
Cash and cash equivalents at end of year |
19 |
54.8 |
47.4 |
|
Reconciliation of changes in cash and cash |
Note |
2008 £m |
2007 £m |
|---|---|---|---|
Net decrease in cash and cash equivalents |
|
(0.9) |
(1.6) |
Decrease in finance lease liabilities |
|
? |
0.1 |
Proceeds from borrowings |
20 |
(50.0) |
? |
Effect of foreign exchange rate changes |
|
(33.9) |
(4.1) |
Movement in net debt |
|
(84.8) |
(5.6) |
Net debt at start of year |
20 |
(77.3) |
(71.7) |
Net debt at end of year |
20 |
(162.1) |
(77.3) |