Cash flow statement

for the year ended 31 October 2025

	2025 £m	2024 £m
Cash flows from operating activities
Cash generated from continuing underlying operations	112.2	93.9
Cash impact of continuing non-underlying items	(3.6)	(2.5)
Cash (utilised in)/generated from discontinued underlying operations	(0.5)	0.6
Cash impact of discontinued non-underlying items	(2.8)	(1.5)
Cash flows from operating activities	105.3	90.5
Retirement benefit deficit contributions	(0.9)	(3.0)
Tax paid	(13.3)	(6.5)
Net cash inflow from operating activities	91.1	81.0
Cash flows from investing activities
Purchases of intangible assets	(12.1)	(4.8)
Purchases of property, plant and equipment	(90.2)	(63.0)
Capitalised interest	(3.2)	(1.8)
Grant funding	23.5	22.0
Acquisition of subsidiary net of cash acquired	(13.5)	-
Proceeds on disposal of subsidiary	6.6	-
Net cash outflow from investing activities	(88.9)	(47.6)
Cash flows from financing activities
Dividends paid	(21.5)	(19.6)
Purchase of own shares	(6.6)	(41.0)
Net proceeds for transactions in own shares	0.9	0.9
Paid accrued dividends on shares	(0.3)	(0.2)
Finance expense paid	(3.3)	(4.0)
Capitalised facility fees paid	(1.4)	(0.8)
Drawdown of borrowings	145.0	100.0
Repayments of borrowings	(70.0)	(70.1)
Payment of lease liabilities	(2.8)	(2.5)
Net cash outflow from financing activities	40.0	(37.3)
Increase/(decrease) in cash and cash equivalents	42.2	(3.9)
Cash and cash equivalents at beginning of the year	2.0	6.4
Effect of foreign exchange rate changes	0.6	(0.5)
Cash and cash equivalents at end of year	44.8	2.0