Consolidated Cash Flow Statement For the year ended 30 April 2014

Notes2014
£000
2013*
£000
Cash flows from operating activities
Profit before taxation from continuing operations16,14014,395
Profit before taxation from discontinued operations(678)13,212
Finance income7(201)(92)
Finance costs89072,064
Other finance costs9560200
Operating profit16,72829,779
Depreciation5,5016,488
Amortisation9832,216
Profit on disposal of businesses28(10,915)
Profit on disposal of property, plant and equipment(12)(14)
Share-based payments1,8211,399
Change in value of deferred consideration since disposal518(186)
Pension charge in excess of cash contributions38626
Decrease/(increase) in inventories1,542(202)
Increase in trade and other receivables(5,744)(3,257)
(Decrease)/increase in trade and other payables(3,398)1,626
Decrease in provisions(285)(1,054)
(Increase)/decrease in derivative financial instruments(62)150
Cash generated from operations17,97826,056
Interest paid(643)(2,465)
Tax paid(3,564)(3,576)
Net cash inflow from operating activities13,77120,015
Cash flows from investing activities
Purchases of property, plant and equipment(16,134)(9,969)
Purchases of intangible assets(158)(1,024)
Proceeds from sale of property, plant and equipment31322
Net proceeds on disposal of businesses2874,697
Interest received22770
Purchase of equity investment16(418)(1,102)
Net cash (outflow)/inflow from investing activities(16,452)62,994
Cash flows from financing activities
Proceeds from issues of ordinary share capital276759
Purchase of own shares(2,874)(1,000)
Equity dividends paid to shareholders12(5,780)(5,500)
Proceeds from new bank funding3,000
Repayment of amounts borrowed(57,069)
Upfront loan facility fees(842)
Finance lease payments(2)(1)
Net cash used in financing activities(8,380)(60,653)
Net (decrease)/increase in cash and cash equivalents(11,061)22,356
Effects of exchange rate changes(62)(75)
Cash and cash equivalents at start of year36,96614,685
Cash and cash equivalents at end of year1925,84336,966

* Restated (see note 1).