Morgan Sindall Group Cash Flow Statement

Financials in millions GBP. Fiscal year is January - December.

Millions GBP. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	174.9	131.7	117.7	60.9	97.9
Depreciation & Amortization	36.2	33.6	29.7	24.9	22
Loss (Gain) From Sale of Assets	-0.3	-0.7	-0.1	-0.5	-0.5
Asset Writedown & Restructuring Costs	3.5	-	-	-	-
Loss (Gain) From Sale of Investments	-1.2	-5.1	-	0.9	1.2
Loss (Gain) on Equity Investments	-0.3	-4.6	-14.1	-14.3	-5.4
Stock-Based Compensation	10.8	10.5	6.6	9.7	12.1
Other Operating Activities	-15.3	-2.8	12.6	36.5	31.9
Change in Accounts Receivable	-111.3	53.8	-83.8	-86.4	-154.8
Change in Inventory	-127.3	-131.3	-10.8	-45.4	5.7
Change in Accounts Payable	209.3	29.1	116.2	71.6	73.5
Change in Unearned Revenue	8.3	14.6	21.6	-4.3	22.9
Operating Cash Flow	187.3	128.8	196	54.7	110.5
Operating Cash Flow Growth	45.42%	-34.29%	258.32%	-50.50%	-37.82%
Capital Expenditures	-16	-18.2	-14.3	-10.5	-6.7
Sale of Property, Plant & Equipment	0.5	1.9	2	0.6	1.4
Sale (Purchase) of Intangibles	-0.6	-	-0.3	-1.3	-1.3
Investment in Securities	-28.7	-1.2	-10	16.3	-
Other Investing Activities	20.6	22.2	11.6	3.2	2.1
Investing Cash Flow	-24.2	4.7	-11	8.3	-4.5
Long-Term Debt Repaid	-28.3	-25.8	-21.2	-17.6	-15.2
Net Debt Issued (Repaid)	-28.3	-25.8	-21.2	-17.6	-15.2
Issuance of Common Stock	12.5	29.2	4.1	11.8	2
Repurchase of Common Stock	-40.7	-47.2	-11.3	-15.7	-33.6
Common Dividends Paid	-65.8	-56.1	-48.1	-43.5	-32.3
Other Financing Activities	-2	-1.9	-2.4	-1.8	-1.7
Financing Cash Flow	-124.3	-101.8	-78.9	-66.8	-80.8
Net Cash Flow	38.8	31.7	106.1	-3.8	25.2
Free Cash Flow	171.3	110.6	181.7	44.2	103.8
Free Cash Flow Growth	54.88%	-39.13%	311.09%	-57.42%	-40.17%
Free Cash Flow Margin	3.41%	2.43%	4.41%	1.22%	3.23%
Free Cash Flow Per Share	3.48	2.28	3.87	0.95	2.17
Cash Interest Paid	2	1.9	2.4	1.8	1.7
Cash Income Tax Paid	48.3	43.9	25.2	20.3	28.3
Levered Free Cash Flow	136.96	113.88	166.56	65.55	40.13
Unlevered Free Cash Flow	140.9	117.63	169.38	68.11	42.75
Change in Working Capital	-21	-33.8	43.2	-64.5	-52.7

Source: S&P Global Market Intelligence. Standard template. Financial Sources.