CONSOLIDATED CASH FLOW STATEMENT

for the year to 30 May 2004


2005
£000		 2004
£000
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Net cash inflow from operating activities 18,607 23,490
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Returns on investments and servicing of finance
Interest received 151 147
Interest paid (503) (408)
Interest paid on finance leases (13) (9)
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Net cash outflow from returns on investments and servicing of finance (365) (270)
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Taxation
UK corporation tax paid (4,141) (6,201)
Overseas taxation paid (2,186) (1,977)
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Net cash outflow from taxation (6,327) (8,178)
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Capital expenditure and financial investment
Purchase of tangible fixed assets (11,891) (13,968)
Sale of tangible fixed assets 49 117
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Net cash outflow from capital expenditure and financial investment (11,842) (13,851)
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Equity dividends paid (5,818) (5,218)
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Net cash outflow before financing (5,745) (4,027)
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Financing
Issue of ordinary share capital 727 1,363
Repayment of principal under finance leases (165) (124)
Increase in medium-term revolving credit facility 5,000 -
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Net cash inflow from financing 5,562 1,239
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Decrease in cash in the year (183) (2,788)
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The accompanying notes are an integral part of this cash flow statement.

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