Morgan Advanced Materials
Cash Flow Half Year 2024
For half year ended 30 June 2024
|
Six months ended 30 June 2024 |
Six months ended 30 June 20231 |
Year ended 31 December 20231 |
||
| Note | £m |
£m | £, | |
| Operating activities | ||||
| Profit for the year from continuing operations | 42.1 |
19.3 | 55.6 | |
| Profit for the year from discontinued operations | 6 | - | - | 0.7 |
| Adjustments for: | ||||
| Depreciation - property, plant and equipment | 2,8 | 17.0 | 15.7 | 31.9 |
| Depreciation - right-of-use assets | 2 | 4.3 | 3.8 | 7.6 |
| Amortisation | 2,9 | 1.1 | 2.1 | 3.3 |
| Net financing costs | 4 | 9.3 | 6.1 | 14.1 |
| Non-cash specific adjusting items included in operating profit | 3 | (0.2) | 0.8 | (2.5) |
| Fair value gain on equity instruments held at FVTPL | (1.0) | - | (0.9) | |
| Profit on sale of property, plant and equipment | (0.1) |
- | (1.6) | |
| Income tax expense | 5 | 15.4 |
9.1 | 22.2 |
| Equity-settled share-based payment expenses | 2.7 | 2.6 | 2.9 | |
| Cash generated from operations before changes in working capital and provisions | 90.6 |
59.5 | 133.3 | |
| Increase in trade and other receivables |
(15.0) |
(34.3) |
(4.0) |
|
| Increase in inventories | (9.1) |
(17.2) | (12.3) | |
| Increase in trade and other payables | 2.1 |
6.3 | 13.3 | |
| Decrease in provisions | (2.0) | (1.6) | (3.4) | |
| Payments to defined benefit pension plans (net of IAS 19 pension charges) |
(0.5) |
0.2 |
(0.2) |
|
| Cash generated from operations | 66.1 |
12.9 | 126.7 | |
| Interest paid - borrowings and overdrafts |
(8.6) |
(6.7) | (15.5) | |
| Interest paid - lease liabilities | (1.3) | (1.1) | (2.4) | |
| Income tax paid | (16.0) |
(15.8) | (30.3) | |
| Net cash from operating activities | 40.2 |
(10.7) | 78.5 | |
| Investing activities | ||||
| Purchase of property, plant and equipment and software | (45.9) |
(24.0) | (60.4) | |
| Purchase of investments | - |
(0.2) | (5.6) | |
| Proceeds from sale of property, plant and equipment | 0.7 |
- | 1.8 | |
| Grants received for purchase of equipment | 0.6 | - | 0.1 | |
| Interest received | 1.3 | 2.2 | 3.9 | |
| Disposal of investments | 1.8 | - | - | |
| Net cash from investing activities | (41.5) |
(22.0) | (60.2) | |
| Financing activities | ||||
| Purchase of own shares for share incentive schemes | (3.7) |
(0.7) | (4.7) | |
| Net proceeds from exercise of share options | 0.4 |
0.1 | 0.6 | |
| Increase in borrowings | 44.2 | 194.8 | 247.2 | |
| Reduction and repayment of borrowings | (14.7) |
(112.2) | (193.0) | |
| Payment of lease liabilities | (4.8) | (4.6) | (8.9) | |
| Dividends paid to shareholders of the Company | (19.1) | (19.1) | (34.2) | |
| Dividends paid to non-controlling interests | (2.3) | (1.6) | (8.1) | |
| Purchase of non-controlling interest | (4.9) |
- | - | |
| Net cash from financing activities | (4.9) |
56.7 | (1.1) | |
| Net (decrease)/increase in net cash and cash equivalents | (6.2) |
24.0 | 17.2 | |
| Net cash and cash equivalents at start of period | 123.9 |
116.2 | 116.2 | |
| Effect of exchange rate fluctuations on cash held | (2.7) |
(9.9) | (9.5) | |
| Net cash and cash equivalents at period end |
10 | 115.0 | 130.3 | 123.9 |
1. The condensed consolidated statement of cash flows for the six months ended 30 June 2023 and the year ended 31 December 2023 have been re-presented to net bank overdrafts against cash and cash equivalents.
See our full Financial Highlights to learn more, or view our Balance Sheet and Income Statement to see our latest performance.