Note2016
£000
2015
£000
Cash flows from operating activities
Profit for the period12,51219,459
Adjustments for:
Depreciation123,7632,412
Amortisation1121,55219,126
Loss on disposal of tangible assets669
Impairment of intangible assets64,16245
Finance income3(21)(2,242)
Finance expense44,9662,416
Equity settled share-based payment expense272,0581,767
Income tax expense2,0366,347
Operating cash flow before changes in working capital51,09749,330
Decrease/(increase) in inventories11,782(4,527)
Increase in trade and other receivables(16,393)(2,553)
Increase in trade and other payables9,9654,738
Cash generated from operating activities before interest and taxation56,45146,988
Interest paid(1,393)(1,338)
Income taxes paid(11,483)(4,667)
Net cash inflow from operating activities43,57540,983
Cash flows from investing activities
Interest received3316
Acquisition of subsidiaries (net of cash acquired)31(166,173)(908)
Acquisition of non-controlling interests26(390)
Purchase of property, plant and equipment12(2,802)(2,081)
Capitalised development expenditure11(570)(1,035)
Purchase of other intangible non-current assets11(4,133)(643)
Net cash outflow from investing activities(174,035)(4,651)
Cash flows from financing activities
Proceeds from the issue of share capital2447,697375
New borrowings103,841
Expenses of raising borrowing facilities(360)(1,235)
Repayment of borrowings(10,572)(102)
Dividends paid9(15,292)(13,857)
Net cash inflow/(outflow) from financing activities125,314(14,819)
Net (decrease)/increase in cash and cash equivalents(5,146)21,513
Cash and cash equivalents at start of period45,94826,773
Exchange differences on cash and cash equivalents(1,660)(2,338)
Cash and cash equivalents at end of period1739,14245,948
 
Reconciliation of net cash flow to movement in net (borrowings)/cash
Net (decrease)/increase in cash and cash equivalents(5,146)21,513
New borrowings(103,841)
Repayment of borrowings10,572102
Expenses of refinancing borrowing facilities3601,235
Acquisition of subsidiary borrowings(15,027)
Exchange differences on cash and cash equivalents(1,660)(2,338)
Retranslation of foreign borrowings(14,308)(1,442)
Other non-cash changes(994)(659)
Movement in net (borrowings)/cash in the period(130,044)18,411
Net cash/(borrowings) at start of period13,421(4,990)
Net (borrowings)/cash at end of period28(116,623)13,421