Investors
Cash flow
For the year ended 31 December 2025
| 2025 £m | 2024 £m | |
|---|---|---|
| Net cash generated from operating activities | 143.5 | 152.6 |
| Investing activities | ||
| Purchases of property, plant and equipment | (76.4) | (70.1) |
| Proceeds on disposal of property, plant and equipment | 4.7 | 13.4 |
| Purchases of other intangible assets | (2.1) | (4.1) |
| Acquisition of businesses, net of cash acquired | – | (52.2) |
| Net proceeds on disposal of business | 17.6 | 0.4 |
| Loans issued | 0.2 | (1.0) |
| Interest received | 0.4 | 0.8 |
| Net cash used in investing activities | (55.6) | (112.8) |
| Financing activities | ||
| Interest paid | (8.6) | (9.7) |
| Dividends paid | (40.9) | (42.9) |
| Principal elements of lease payments | (13.8) | (13.5) |
| Drawdown of bank loans | 53.6 | 75.2 |
| Repayments of bank loans | (12.3) | (19.0) |
| Ordinary shares purchased for share buyback | (57.6) | (57.7) |
| Own shares purchased to be held as treasury shares | – | – |
| Net cash used in financing activities | (79.6) | (67.6) |
| Net (decrease)/increase in cash and cash equivalents | 8.3 | (27.8) |
| Cash and cash equivalents at beginning of year | 16.0 | 44.7 |
| Effect of foreign exchange rate changes | 0.1 | (0.9) |
| Cash and cash equivalents at end of year | 24.4 | 16.0 |