"The Group has had a good start to the year and the outlook is positive. We expect a continuation of the favourable trends in the Irish and Netherlands businesses.  In view of recent economic and political developments, we are more cautious about the prospects for the UK however we have a good portfolio of businesses with strong market positions and we look to the future with confidence" – Gavin Slark (9 May 2017)

Group Cash Flow Statement for the year ended 31 December 2016

  Notes 31 Dec 2016
£’000
31 Dec
2015
£’000
Profit before taxation   114,247 120,329
Finance income   (1,276) (1,050)
Finance expense   7,166 8,932
Operating profit   120,137 128,211
Depreciation 9 34,929 32,211
Amortisation of intangible assets 16 3,121 911
Share-based payments charge   3,232 4,461
Movement in provisions   5,802 (1,548)
Asset impairment and fair value gains/losses   4,383 -
Loss/(profit) on sale of property, plant and equipment   19 (220)
Property profit   (4,923) (6,692)
Loss/(profit) on sale of group businesses   392 (785)
Contributions to pension schemes in excess of IAS 19 charge   (1,516) (3,408)
Decrease/(increase) in working capital 10 3,010 (13,828)
Cash generated from operations   168,586 139,313
Interest paid   (6,936) (7,463)
Income taxes paid   (16,269) (19,305)
Cash flows from operating activities   145,381 112,545
Investing activities
Inflows
Proceeds from sale of property, plant and equipment 9 1,740 2,779
Proceeds from sale of properties held for sale 9 8,251 8,543
Proceeds from sale of group businesses (net)   881 2,617
Interest received   1,276 1,025
    12,148 14,964
Outflows
Acquisition of subsidiary undertakings and businesses (net of cash) 14 (11,859) (98,641)
Investment in intangible asset – computer software 16 (10,343) (9,988)
Purchase of property, plant and equipment 9 (50,101) (41,592)
    (72,303) (150,221)
Cash flows from investing activities   (60,155) (135,257)
Financing activities
Inflows
Proceeds from the issue of share capital   505 3,309
Proceeds from borrowings   77,842 95,097
    78,347 98,406
Outflows
Repayment of borrowings   (145,577) (2,917)
Dividends paid 6 (30,048) (26,797)
Payment on finance lease liabilities   (409) (565)
Redemption of loan notes payable net of derivatives   - (11,649)
    (176,034) (41,928)
Cash flows from financing activities   (97,687) 56,478
Net (decrease)/ increase in cash and cash equivalents   (12,461) 33,766
Cash and cash equivalents at 1 January   211,565 182,360
Effect of exchange rate fluctuations on cash held   6,753 (4,561)
Cash and cash equivalents at the end of the year   205,857 211,565
Cash and cash equivalents are broken down as follows:
Cash at bank and short-term deposits   205,857 211,565