Consolidated statement of cash flows

Consolidated statement of cash flows

For the year ended 31 December 2025

Notes

2025

£’000

2024

£’000

Cash flows from operating activities

Purchases of investments

8

(128,327)

(340,761)

Sales of investments

8

71,715

150,425

Expenses paid

(15,186)

(6,810)

Interest paid

(8,499)

(4,455)

Bank and other interest received

1,097

3,957

Net cash inflow (outflow) from operating activities

(79,200)

(197,644)

Cash flows from financing activities

Purchase of ordinary shares

(47,149)

–

Dividends paid

19

(3,969)

(7,939)

Proceeds from borrowings

21

224,363

174,471

Repayment of borrowings

21

(107,212)

(67,266)

Net cash inflow (outflow) from financing activities

66,033

99,266

Net increase (decrease) in cash and cash equivalents

(13,167)

(98,378)

Cash and cash equivalents at the beginning of the year

103,358

207,155

Effect of foreign exchange rate fluctuations

4,962

(5,419)

Cash and cash equivalents at the end of the year

11

95,153

103,358

Supplemental disclosure of non-cash operating activities:
Purchases of investments

8

(57,936)

(2,799)

Disposal of investments

8

59,841

2,799

Notes 1–23 are an integral part of these Consolidated Financial Statements.