NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

Reconciliation of operating profit to operating cash flow


2004
£000		 2003
£000
A thin, black line.
Operating profit 19,855 17,461
(Profit)/loss on disposal of tangible fixed assets (35) 130
Depreciation of tangible fixed assets 6,080 5,709
Amortisation of goodwill 366 457
Amortisation of own shares - 121
Exchange movements - 135
Decrease/(increase) in stocks 263 (3,236)
Increase in debtors (1,754) (2,414)
(Decrease)/increase in creditors (484) 5,098
Decrease in provisions (801) (281)
A thin, black line.
Net cash inflow from operating activities 23,490 23,180
A thick, black line.

Analysis of net funds

As at
2 June 2003
£000 		Cash flow
£000 		Other non-
cash changes
£000 		Exchange
movement
£000		 As at
30 May 2004
£000
A thin, black line.
Cash at bank and in hand 11,728 (2,788) - (370) 8,570
Finance leases - 124 (491) 3 (364)
A thin, black line.
Net funds 11,728 (2,664) (491) (367) 8,206
A thick, black line.

Reconciliation of net cash flow to movement in net funds

2004
£000		 2003
£000
A thick, black line.
(Decrease)/increase in cash in the year (2,788) 2,596
Cash outflow from decrease in debt and lease financing 124 2,520
A thin, black line.
Change in net funds resulting from cash flows (2,664) 5,116
New finance leases (491) -
Translation difference (367) -
Net funds at 2 June 2003 11,728 6,612
A thick, black line.
Net funds at 30 May 2004 8,206 11,728
A thick, black line.

<< Cash flow statement Notes to the financial statements >>