Morgan Advanced Materials
Cash Flow Full Year 2024
For the year ended 31 December 2024
|
Year ended 31 December 2024 |
Year ended 31 December 2023 |
||
| Note | £m |
£m | |
| Operating activities | |||
| Profit for the year from continuing operations | 58.7 | 55.6 | |
| Profit for the year from discontinued operations | 7 | 0.1 | 0.7 |
| Adjustments for: | |||
| Depreciation - property, plant and equipment | 34.1 | 31.9 | |
| Depreciation - right-of-use assets | 8.6 | 7.6 | |
| Amortisation | 1.7 | 3.3 | |
| Net financing costs | 5 | 19.0 | 14.1 |
| Non-cash specific adjusting items included in operating profit | 4.5 | (2.5) | |
| Fair value gain on equity instruments held at FVTPL | (1.9) | (0.9) | |
| Profit on sale of property, plant and equipment | (3.0) | (1.6) | |
| Income tax expense | 6 | 25.9 | 22.2 |
| Equity-settled share-based payment expenses | 2.8 | 2.9 | |
| Cash generated from operations before changes in working capital and provisions | 150.5 | 133.3 | |
| Increase in trade and other receivables | (0.5) |
(4.0) |
|
| Decrease/(increase) in inventories | 6.7 | (12.3) | |
| Increase in trade and other payables | 8.4 | 13.3 | |
| Decrease in provisions | (1.0) | (3.4) | |
| Payments to defined benefit pension plans (net of IAS 19 pension charges) | 14 | (1.1) |
(0.2) |
| Cash generated from operations | 163.0 | 126.7 | |
| Interest paid - borrowings and overdrafts | (17.9) |
(15.5) |
|
| Interest paid - lease liabilities | (2.6) | (2.4) | |
| Income tax paid | (29.2) | (30.3) | |
| Net cash from operating activities | 113.3 | 78.5 | |
| Investing activities | |||
| Purchase of property, plant and equipment and software | (96.1) | (60.4) | |
| Purchase of investments | (0.1) | (5.6) | |
| Proceeds from sale of property, plant and equipment | 5.4 | 1.8 | |
| Grants received for purchase of equipment | 0.5 | 0.1 | |
| Interest received | 2.6 | 3.9 | |
| Disposal of investments | 1.7 | - | |
| Net cash from investing activities | (86.0) | (60.2) | |
| Financing activities | |||
| Purchase of own shares for share incentive schemes | (3.5) | (4.7) | |
| Proceeds from exercise of share options | 0.2 | 0.6 | |
| Purchase of own shares for share buyback programme | (4.7) |
- |
|
| Purchase of non-controlling interest | (5.1) |
- |
|
| Increase in borrowings | 121.3 |
247.2 |
|
| Repayment of borrowings | (88.0) | (193.9) | |
| Payment of lease liabilities | (10.6) | (8.9) | |
| Dividends paid to shareholders of the Company | (34.5) | (34.2) | |
| Dividends paid to non-controlling interests | (8.1) | (8.1) | |
| Net cash from financing activities | (33.0) | (2.0) | |
| Net (decrease)/increase in cash and cash equivalents and overdrafts | (5.7) | 16.3 | |
| Cash and cash equivalents at start of the year | 124.5 | 117.7 | |
| Effect of exchange rate fluctuations on cash held | (7.3) | (9.5) | |
| Cash and cash equivalents at year end | 111.5 | 124.5 |
See our full Financial Highlights to learn more, or view our Balance Sheet and Income Statement to see our latest performance.