CONSOLIDATED CASH FLOW STATEMENT


Notes Six months to
27 November
2005
£000		 Six months to
28 November
2004
£000		 Year to
29 May
2005
£000
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Net cash from operating activities
Cash generated from operations 7 1,961
 5,161 21,149
UK corporation tax paid (1,137) (1,764) (4,141)
Overseas tax paid (1,275) (1,120) (2,186)
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Net cash from operating activities (451) 2,277 14,822
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Cash flows used in investing activities
Purchases of property, plant and equipment (4,931) (5,254) (11,015)
Proceeds on disposal of property, plant and equipment 19 3 49
Expenditure on product development (1,236) (1,100) (2,106)
Purchases of other intangible assets (336) (590) (895)
Interest received 72 70 151
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Net cash used in investing activities (6,412) (6,871) (13,816)
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Cash flows from financing
Proceeds from issue of ordinary share capital 164 587
 727
Proceeds from borrowings 5,000 9,000 5,000
Repayment of principal under finance leases (72) (81) (165)
Equity dividends paid (4,340) (4,295) (5,818)
Interest paid (371) (212) (516)
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Net cash from financing activities 381 4,999 (772)
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Effects of foreign exchange rates
 173 241 223
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Net (decrease)/increase in cash and cash equivalents
 (6,309) 646 457
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Opening cash and cash equivalents 8,622 8,165 8,165
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Closing cash and cash equivalents 2,313 8,811 8,622
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Analysis of net funds/(debt)

As at
29 May 2005
£000		 Cash flow
£000		 Exchange
movement
£000		 As at
27 November
2005
£000
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Cash at bank and in hand 8,622 (2,542) 173 6,253
Current borrowings - bank overdraft - (3,940) - (3,940)
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Cash and cash equivalents 8,622 (6,482) 173 2,313
Non-current borrowings (5,000) (5,000) - (10,000)
Finance leases (181) 72 (1) (110)
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Net funds/(debt) 3,441 (11,410) 172 (7,797)
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