CONSOLIDATED CASH FLOW STATEMENT

for the year to 1 June 2003


  2003
£000		 2002
£000
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Net cash inflow from operating activities 23,180 22,010
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Returns on investments and servicing of finance
Interest received 260 254
Interest paid (269) (240)
Interest paid on hire purchase contracts - (11)
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Net cash (outflow)/inflow from returns on investments and servicing of finance (9) 3
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Taxation
UK corporation tax paid (4,616) (3,615)
Overseas taxation paid (1,257) (902)
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Net cash outflow from taxation (5,873) (4,517)
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Capital expenditure and financial investment
Purchase of tangible fixed assets (8,202) (5,416)
Sale of tangible fixed assets 22 413
Purchase of own shares - (328)
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Net cash outflow from capital expenditure and financial investment (8,180) (5,331)
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Acquisitions
Purchase of subsidiary undertaking - (2,103)
Net overdraft acquired with subsidiary - (97)
Shares issued to equity minority interests - 3
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Net cash outflow from acquisitions - (2,197)
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Equity dividends paid (3,958) (3,294)
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Net cash inflow before financing 5,160 6,674
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Financing
Issue of ordinary share capital 399 863
Repayment of principal under hire purchase contracts (20) (42)
(Repayment)/draw down of medium-term revolving credit facility (2,500) 2,500
Repayment of other loans - (194)
Own shares purchased/cancelled (443) (9,759)
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Net cash outflow from financing (2,566) (6,632)
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Increase in cash in the year 2,596 42
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The accompanying notes are an integral part of this cash flow statement.

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