For the year ended 31 December 2003
2003 |
2002 |
||
Notes |
£’000 |
£’000 |
|
 |
|||
| Net cash inflow from operating activities | 26 |
44,891 |
31,008 |
|
|||
| Returns on investments and servicing of finance | |||
| Interest received | 95 |
166 |
|
| Interest paid | (3,353) |
(3,112) |
|
|
|||
| Net cash outflow from returns on investments and servicing of finance | (3,258) |
(2,946) |
|
|
|||
| Taxation | |||
| Corporation tax paid | (7,479) |
(5,088) |
|
| Overseas taxes paid | (1,557) |
(1,008) |
|
|
|||
| Tax paid | (9,036) |
(6,096) |
|
|
|||
| Capital expenditure and financial investment | |||
| Purchase of publishing goodwill | 11 |
(3,469) |
(571) |
| Tangible fixed assets acquired | 12 |
(3,002) |
(2,820) |
| Tangible fixed assets sold | 47 |
113 |
|
| Purchase of unlisted investments | 13 |
(6,705) |
– |
|
|||
| Net cash outflow from investing activities | (13,129) |
(3,278) |
|
|
|||
| Acquisitions | |||
| Purchase of businesses/subsidiary undertakings (net of cash and overdrafts acquired) | 34 |
(82,379) |
(2,946) |
|
|||
| Net cash outflow from acquisitions | (82,379) |
(2,946) |
|
|
|||
| Equity dividends paid | (3,844) |
(3,484) |
|
|
|||
| Net cash (outflow)/inflow before use of liquid resources and financing | (66,755) |
12,258 |
|
|
|||
| Management of liquid resources | 28 |
11,988 |
(6,487) |
|
|||
| Financing | |||
| Net loans drawn/(repaid) | 61,602 |
(4,790) |
|
| Proceeds (net) from share issues | 568 |
351 |
|
| Payment of deferred consideration | – |
(844) |
|
|
|||
| Net cash inflow/(outflow) from financing | 62,170 |
(5,283) |
|
|
|||
| Increase in cash | 27 |
7,403 |
488 |
|
|||
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