Note2017
£000
Restated
2016
£000
Cash flows from operating activities
Operating profit33,21419,493
Non-underlying items48,13533,364
Underlying operating profit81,34952,857
Adjustments for:
Depreciation134,9133,763
Amortisation and impairment121,9423,890
Loss on disposal of intangible assets7309
Loss on disposal of tangible assets721269
Equity settled share-based payment expense282,2682,058
Underlying operating cash flow before changes in working capital90,99362,637
(Increase)/decrease in inventories(1,552)5,712
Decrease/(increase) in trade and other receivables6,360(16,393)
Increase in trade and other payables2,1228,571
Cash generated from operating activities before interest, taxation and non-underlying items97,92360,527
Cash outflows in respect of non-underlying items(3,653)(4,076)
Cash generated from operating activities before interest and taxation94,27056,451
Interest paid(4,836)(1,393)
Income taxes paid(12,008)(11,483)
Net cash inflow from operating activities77,42643,575
Cash flows from investing activities
Interest received3233
Acquisition of subsidiaries (net of cash acquired)(34,966)(166,173)
Acquisition of non-controlling interests27(583)(390)
Acquisition of investments in associates6(11,013)
Purchase of property, plant and equipment13(4,221)(2,802)
Capitalised development expenditure12(1,258)(570)
Purchase of other intangible non-current assets12(5,266)(4,133)
Net cash outflow from investing activities(57,275)(174,035)
Cash flows from financing activities
Proceeds from the issue of share capital2593047,697
Own shares purchased26(646)
New borrowings25,000103,841
Expenses of raising borrowing facilities(150)(360)
Repayment of borrowings(5,879)(10,572)
Dividends paid10(17,664)(15,292)
Net cash inflow from financing activities1,591125,314
Net increase/(decrease) in cash and cash equivalents21,742(5,146)
Cash and cash equivalents at start of period39,14245,948
Exchange differences on cash and cash equivalents316(1,660)
Cash and cash equivalents at end of period1861,20039,142
Reconciliation of net cash flow to movement in net (borrowings)/cash
Net increase/(decrease) in cash and cash equivalents21,742(5,146)
New borrowings(25,000)(103,841)
Repayment of borrowings5,87910,572
Expenses of raising borrowing facilities150360
Acquisition of subsidiary borrowings(15,027)
Exchange differences on cash and cash equivalents316(1,660)
Retranslation of foreign borrowings(6,282)(14,308)
Other non-cash changes(141)(994)
Movement in net borrowings in the period(3,336)(130,044)
Net (borrowings)/cash at start of period(116,623)13,421
Net borrowings at end of period29(119,959)(116,623)