Senior 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	-4.2	25.9	31.1	20.2	24.2
Depreciation & Amortization	29.1	27.9	50.2	48.3	46.3
Other Amortization	1.2	1	1.5	1.5	1.5
Loss (Gain) From Sale of Assets	-0.2	-	-0.2	-0.1	-
Asset Writedown & Restructuring Costs	0.4	1.9	1.2	1.3	3.8
Loss (Gain) on Equity Investments	-3	-1.3	-1	-0.4	-0.2
Stock-Based Compensation	4.7	4	4.1	4.3	3.5
Other Operating Activities	33.7	-4.5	-18.9	-3.7	-39.3
Change in Accounts Receivable	-13.6	7.2	-20.4	-18.8	-16.1
Change in Inventory	-3	-10.7	-21.7	-34.2	-7.2
Change in Accounts Payable	11.8	-5.6	16.8	37.5	11.6
Change in Other Net Operating Assets	-	-	-1.3	1.8	-1.1
Operating Cash Flow	56.9	45.8	41.4	57.7	27
Operating Cash Flow Growth	24.24%	10.63%	-28.25%	113.70%	-44.79%
Capital Expenditures	-32	-28.5	-33.7	-28.7	-20.2
Sale of Property, Plant & Equipment	0.3	-	0.7	0.5	0.2
Cash Acquisitions	-13	-10.7	-23.9	-25.3	-
Divestitures	-	-	-	-	51.7
Sale (Purchase) of Intangibles	-0.6	-1.1	-2.2	-1.8	-1.1
Other Investing Activities	7.5	10	4.3	0.7	0.1
Investing Cash Flow	-37.8	-30.3	-54.8	-54.6	30.7
Long-Term Debt Issued	242.8	152.2	136.2	90.8	20
Long-Term Debt Repaid	-287.8	-138.1	-106.4	-99.5	-49.5
Net Debt Issued (Repaid)	-45	14.1	29.8	-8.7	-29.5
Issuance of Common Stock	-	1.4	-	-	-
Repurchase of Common Stock	-7.4	-6.3	-5.6	-4.5	-
Common Dividends Paid	-10.3	-10.1	-6.6	-1.2	-
Financing Cash Flow	-62.7	-0.9	17.6	-14.4	-29.5
Foreign Exchange Rate Adjustments	0.1	-0.7	-1.1	2.9	-0.3
Miscellaneous Cash Flow Adjustments	80	-14.2	-	-	-
Net Cash Flow	36.5	-0.3	3.1	-8.4	27.9
Free Cash Flow	24.9	17.3	7.7	29	6.8
Free Cash Flow Growth	43.93%	124.67%	-73.45%	326.47%	-71.31%
Free Cash Flow Margin	3.37%	2.45%	0.80%	3.42%	1.03%
Free Cash Flow Per Share	0.06	0.04	0.02	0.07	0.02
Cash Interest Paid	20.6	18.9	17.2	9.7	8.1
Cash Income Tax Paid	7.5	7.4	5.6	3.5	5.3
Levered Free Cash Flow	67	8.91	-24.85	38.03	23.23
Unlevered Free Cash Flow	80.13	21.16	-13.85	44.65	28.54
Change in Working Capital	-4.8	-9.1	-26.6	-13.7	-12.8

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.