Consolidated Cash Flow Statement

For the year ended 31 July 2007

Note 2007
£'000
2006
£'000
Net cash inflow from operating activities 27 7,204 4,948
Returns on investments and servicing of finance
Interest received 113 47
Interest paid (426 ) (303 )
Minority interest dividend paid - (69 )
Net cash outflow from returns on investments and servicing of finance (313 ) (325 )
Taxation (1,992 ) (2,430 )
Capital expenditure and financial investment
(Payments for)/receipts from long-term deposits (78 ) 60
Payments to acquire tangible fixed assets (1,170 ) (1,280 )
Proceeds from sale of tangible fixed assets 3 17
Net cash outflow from capital expenditure and financial investment (1,245 ) (1,203 )
Acquisitions and disposals
Acquisition expenses 23 (10 ) (720 )
Purchase of associate undertaking - (11 )
Purchase of additional stake in subsidiary undertakings 23 (1,948 ) (2,749 )
Cash at bank and in hand acquired with subsidiaries - 1,388
Payments to acquire trade and assets - (262 )
Net cash outflow from acquisitions and disposals (1,958 ) (2,354 )
Equity dividends paid 10 (691 ) (590 )
Net cash inflow/(outflow) before financing 1,005 (1,954 )
Financing
Issue of new share capital - 49
Proceeds from sale of own shares 21 952 183
Bank loans repayable after more than one year 539 3,716
Capital element of finance lease rental repayments (299 ) (20 )
Redemption of minorities - (1,009 )
Cash inflow from financing 1,192 2,919
Increase in cash in the year 27 2,197 965

The notes form part of these financial statements.