Morgan Advanced Materials
Cash Flow Half Year 2025
For half year ended 30 June 2025
|
Six months ended 30 June 2025 |
Six months ended 30 June 2024 |
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| Note | £m |
£m | |
| Operating activities | |||
| Profit for the year from continuing operations | 19.1 | 42.1 | |
| Profit for the year from discontinued operations | 6 | - | - |
| Adjustments for: | |||
| Depreciation - property, plant and equipment | 2,8 | 16.6 | 17.0 |
| Depreciation - right-of-use assets | 2 | 4.3 | 4.3 |
| Amortisation | 2,9 | 0.5 | 1.1 |
| Net financing costs | 4 | 10.8 | 9.3 |
| Non-cash specific adjusting items included in operating profit | 1.3 | (0.2) | |
| Fair value loss/(gain) on equity instruments held at FVTPL | 0.3 | (1.0) | |
| Loss/(profit) on sale of property, plant and equipment | 0.5 | (0.1) | |
| Income tax expense | 5 | 11.3 | 15.4 |
| Equity-settled share-based payment expenses | 1.4 | 2.7 | |
| Cash generated from operations before changes in working capital and provisions | 66.1 | 90.6 | |
| Increase in trade and other receivables | (8.6) |
(15.0) |
|
| Increase in inventories | (1.2) | (9.1) | |
| Increase in trade and other payables | 14.5 | 2.1 | |
| Decrease in provisions | (1.4) | (2.0) | |
| Payments to defined benefit pension plans (net of IAS 19 pension charges) |
0.2 |
(0.5) |
|
| Cash generated from operations | 69.6 | 66.1 | |
| Interest paid - borrowings and overdrafts | (10.6) |
(8.6) |
|
| Interest paid - lease liabilities | (1.4) | (1.3) | |
| Income tax paid | (12.5) | (16.0) | |
| Net cash from operating activities | 45.1 | 40.2 | |
| Investing activities | |||
| Purchase of property, plant and equipment and software | (40.9) | (45.9) | |
| Purchase of investments | (0.4) | - | |
| Proceeds from sale of property, plant and equipment | 0.4 | 0.7 | |
| Grants received for purchase of equipment | - | 0.6 | |
| Interest received | 1.6 | 1.3 | |
| Disposal of investments | 1.5 | 1.8 | |
| Net cash from investing activities | (37.8) | (41.5) | |
| Financing activities | |||
| Purchase of own shares for share incentive schemes | (3.0) | (3.7) | |
| Net proceeds from exercise of share options | - | 0.4 | |
| Purchase of own shares for share buyback programme | (8.8) | - | |
| Purchase of non-controlling interest | - | (4.9) | |
| Increase in borrowings | 38.9 | 44.2 | |
| Reduction and repayment of borrowings | (37.3) | (14.7) | |
| Payment of lease liabilities | (4.7) | (4.8) | |
| Dividends paid to shareholders of the Company | (19.1) | (19.1) | |
| Dividends paid to non-controlling interests | (1.5) | (2.3) | |
| Net cash from financing activities | (35.5) | (4.9) | |
| Net decrease in net cash and cash equivalents and overdrafts | (28.2) | (6.2) | |
| Net cash and cash equivalents at start of period | 111.5 | 123.9 | |
| Effect of exchange rate fluctuations on cash held | 1.1 | (2.7) | |
| Net cash and cash equivalents at period end |
10 | 84.4 | 115.0 |
See our full Financial Highlights to learn more, or view our Balance Sheet and Income Statement to see our latest performance.