CONSOLIDATED CASH FLOW STATEMENT

for the year to 30 May 2004


2004
£000		 2003
£000
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Net cash inflow from operating activities 23,490 23,180
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Returns on investments and servicing of finance
Interest received 147 260
Interest paid (408) (269)
Interest paid on finance leases (9) -
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Net cash outflow from returns on investments and servicing of finance (270) (9)
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Taxation
UK corporation tax paid (6,201) (4,616)
Overseas taxation paid (1,977) (1,257)
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Net cash outflow from taxation (8,178) (5,873)
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Capital expenditure and financial investment
Purchase of tangible fixed assets (13,968) (8,202)
Sale of tangible fixed assets 117 22
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Net cash outflow from capital expenditure and financial investment (13,851) (8,180)
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Equity dividends paid (5,218) (3,958)
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Net cash (outflow)/inflow before financing (4,027) 5,160
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Financing
Issue of ordinary share capital 1,363 399
Repayment of principal under finance leases/hire purchase contracts (124) (20)
Repayment of medium-term revolving credit facility - (2,500)
Own shares purchased/cancelled - (443)
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Net cash inflow/(outflow) from financing 1,239 (2,564)
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(Decrease)/increase in cash in the year (2,788) 2,596
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The accompanying notes are an integral part of this cash flow statement.

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