NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

Reconciliation of operating profit to operating cash flow


2005
£000		 2004
£000
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Operating profit 13,893 19,855
Loss/(profit) on disposal of tangible fixed assets 59 (35)
Depreciation of tangible fixed assets 6,940 6,080
Amortisation of goodwill 379 366
(Increase)/decrease in stocks (644) 263
Decrease/(increase) in debtors 1,307 (1,754)
Decrease in creditors (3,036) (484)
Decrease in provisions (291) (801)
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Net cash inflow from operating activities 18,607 23,490
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Analysis of net funds

As at
31 May 2004
£000 		Cash flow
£000		 Other non-
cash changes
£000		 Exchange
movement
£000		 As at
29 May 2005
£000
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Cash at bank and in hand 8,570 (183) - 223 8,610
Debt due after one year - (5,000) - - (5,000)
Finance leases (364) 165 19 (1) (181)
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Net funds 8,206 (5,018) 19 222 3,429
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Reconciliation of net cash flow to movement in net funds

2005
£000		 2004
£000
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Decrease in cash in the year (183) (2,788)
Cash (inflow)/outflow from (increase)/decrease in debt and lease financing (4,835) 124
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Change in net funds resulting from cash flows (5,018) (2,664)
New finance leases 19 (491)
Exchange movement 222 (367)
Net funds at 31 May 2004 8,206 11,728
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Net funds at 29 May 2005 3,429 8,206
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