v3.26.1
Consolidated cash flow statement - GBP (£)
£ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Profit after tax £ 770 £ 813
Taxation charge 286 262
Net finance costs 119 129
Depreciation of property, plant and equipment and right of use assets 109 115
Amortisation of intangible assets 59 61
Impairment and assets written off, net of reversals 12 1
Loss/(gain) on sale of property, plant and equipment and businesses (20)  
Share-based incentive plan expense 53 42
Other non-cash movements (7) (3)
Increase/(decrease) in pension and other provisions 141 (32)
Changes in working capital:    
(Increase)/decrease in inventories (39) 15
Increase in trade receivables (173) (148)
Increase in trade payables 110 107
Net change in other receivables and payables (138) (112)
Taxation paid (238) (223)
Net cash inflow from operating activities 1,044 1,027
Cash flows from investing activities    
Purchase of property, plant and equipment (110) (96)
Proceeds from sale of property, plant, and equipment 21  
Purchase of intangible assets (30) (33)
Proceeds from sale of businesses 25 14
Interest received 26 39
Decrease in liquid investments 6  
Net cash outflow from investing activities (62) (76)
Cash flows from financing activities    
Share capital purchased for cancellation (457) (372)
Purchase of non-controlling interests   (174)
Payment of lease liabilities (33) (29)
Interest paid (174) (195)
Dividends paid to shareholders (436) (415)
Distributions to non-controlling interests (8) (8)
Repayment of borrowings (737) (1,352)
Proceeds from borrowings 325 40
Other financing cash flows 11 (12)
Net cash outflow from financing activities (1,509) (2,517)
Decrease in cash and cash equivalents and bank overdrafts (527) (1,566)
Cash and cash equivalents and bank overdrafts at the beginning of the period 1,303 2,207
Exchange adjustments 29 (15)
Cash and cash equivalents and bank overdrafts at the end of the period 805 626
Cash and cash equivalents and bank overdrafts at the end of the period comprise:    
Cash and cash equivalents 826 676
Overdrafts (21) (50)
Cash and cash equivalents and bank overdrafts at the end of the period £ 805 £ 626