Cash flow from operating activities(includes continuing and discontinued operations)Notes2019
£m
2018
(restated¹)
£m
Profit for the year13.56.7
Adjustments for:
Depreciation145.66.5
Share-based payments251.70.2
Amortisation of acquired intangible assets139.09.4
Amortisation of internally developed intangible assets and software134.45.9
Net financing costs1.71.8
Foreign exchange0.2
Individually Significant Items (non-cash impact)63.63.5
Profit on disposal of investments(0.1)
Loss on disposal of subsidiaries56.4
Loss on sale of plant and equipment0.2
Research and development tax credits(0.3)
Income tax expense/(credit)4.3(0.6)
Decrease in provisions(2.5)
Cash inflow for the year before changes in working capital41.339.8
Decrease/(increase) in trade and other receivables6.0(4.8)
Decrease in inventories0.1
Increase in trade and other payables0.54.5
Cash generated from operating activities before interest and taxation47.939.5
Interest paid(1.7)(1.8)
Taxation paid(6.4)(4.7)
Net cash generated from operating activities39.833.0
Cash flows from investing activities
Purchase of property, plant and equipment(3.0)(7.7)
Software and development expenditure(6.1)(5.0)
Acquisition of businesses22(10.9)(3.1)
Net proceeds from sale of subsidiaries and investments15, 221.89.9
Cash disposed of from sale of subsidiaries(0.7)
Net cash used in investing activities(18.2)(6.6)
Cash flows from financing activities
Proceeds from the issue of ordinary share capital260.31.5
Drawdown of borrowings13.07.5
Repayment of borrowings(8.6)(12.9)
Equity dividends paid11(12.9)(12.8)
Net cash used in financing activities(8.2)(16.7)
Net increase in cash and cash equivalents13.49.7
Cash and cash equivalents at beginning of year21.212.3
Effect of foreign currency exchange rate changes0.3(0.8)
Cash and cash equivalents at end of year2334.921.2
Reconciliation of net change in cash and cash equivalents to movement in net debt²2019
£m
2018
£m
Net increase in cash and cash equivalents13.49.7
Change in net debt resulting from cash flows(4.4)5.4
Effect of foreign currency on cash flows0.3(0.8)
Foreign currency translation differences on borrowings(1.7)1.6
Change in net debt² during the year7.615.9
Net debt² at start of year(27.8)(43.7)
Net debt²at end of year3(20.2)(27.8)

The Notes to the financial statements are an integral part of these consolidated Financial Statements.

  1. See note 1 for further details on the restatement of comparative information due to the retrospective application of IFRS 15.
  2. See note 3 for an explanation of Alternative Performance Measures (APMs) and adjusting items. See note 3 for a reconciliation to statutory information.