"The Group finished the year on a more positive note and saw the benefit during 2016 of its exposure to multiple markets. We had an active year on the development front with the opening of seven new Selco branches, the completion of two bolt-on acquisitions in the UK and we agreed to acquire Gunters en Meuser in the Netherlands. A strong balance sheet and excellent cash generation from operations support these developments and our ongoing strategic initiatives." – Gavin Slark (13 January 2017)

Group Condensed Cash Flow Statement for the six months ended 30 June 2016

  Notes Six Months to 30 June 2016 (Unaudited)
£’000
Six Months to 30 June 2015 (Unaudited)
£’000
Profit before taxation   62,762 57,896
Finance income   (854) (672)
Finance expense   4,200 3,941
Operating profit   66,108 61,165
Depreciation 9 16,928 15,928
Amortisation of intangible assets 16 1,470 160
Share-based payments charge   2,540 2,196
Movement in provisions   (1,363) (831)
Profit on sale of property, plant and equipment   (52) (399)
Profit on sale of properties held for sale   (3,537) (6,090)
Profit on sale of group businesses   - (404)
Contributions to pension schemes in excess of IAS 19 charge 13 (1,330) (736)
Decrease in working capital 10 27,247 2,219
Cash generated from operations   108,011 73,208
Interest paid   (4,088) (2,854)
Income taxes paid   (5,621) (7,963)
Cash flows from operating activities   98,302 62,391
Investing activities
Inflows
Proceeds from sale of property, plant and equipment 9 969 1,950
Proceeds from sale of properties held for sale 9 5,370 332
Proceeds from sale of group businesses (net)   - 2,280
Interest received   854 493
    7,193     5,055
Outflows
Acquisition of subsidiary undertakings and businesses (net of cash) 14 (11,859) (23,706)
Investment in intangible asset – computer software 16 (5,832) (3,506)
Purchase of property, plant and equipment 9 (22,360) (15,716)
    (40,051) (42,928) 
Cash flows from investing activities   (32,858) (37,873)
Financing activities
Inflows
Proceeds from the issue of share capital   471 83
Proceeds from borrowings   63,818 17,846
    64,289 17,929
Outflows
Repayment of borrowings   (120,316) (3,430)
Dividends paid 6 (18,825) (16,282)
Movement on finance lease liabilities   (196) (489)
Redemption of loan notes payable net of derivatives   - (11,649)
    (139,337) (31,850)
Cash flows from financing activities   (75,048) (13,921)
Net (decrease)/ increase in cash and cash equivalents   (9,604) 10,597
Cash and cash equivalents at 1 January   211,565 182,360
Effect of exchange rate fluctuations on cash held   4,846 (2,914)
Cash and cash equivalents at the end of the period   206,807 190,043
Cash and cash equivalents are broken down as follows:
Cash at bank and short-term deposits   206,807 190,043