v3.26.1
Analysis of cash flows (Tables)
 6 Months Ended
Jun. 30, 2026
Analysis of cash flows [Abstract]  
Summary of Analysis of Cash Flows
The following table analyses the net cash outflow from operating activities presented within the cash flow statement:
Net cash outflow from operating activities:
Six Months Ended
30 June 2026		Six Months Ended
30 June 2025
£m£m
Profit for the period37 70 
Taxation69 28 
Revaluation and retranslation of financial instruments34 11 
Finance costs174 178 
Finance and investment income(39)(49)
Earnings from associates
(14)(17)
Operating profit261 221 
Adjustments for:
Non-cash share-based incentive plans (including share options)49 41 
Depreciation of property, plant and equipment66 82 
Depreciation of right-of-use assets98 101 
Goodwill impairment— 116 
Impairment of investments in associates
2 — 
Property-related impairment charges
22 5 
Amortisation and impairment of acquired intangible assets26 32 
Amortisation of other intangible assets24 20 
Losses/(gains) on disposal of investments and subsidiaries4 (2)
Operating cash flow before movements in working capital and provisions552 616 
Working capital outflow1
(1,001)(1,333)
Increase/(decrease) in provisions14 (15)
Cash used by operations
(435)(732)
Corporation and overseas tax paid(120)(168)
Interest paid on lease liabilities(47)(50)
Other interest and similar charges paid(129)(117)
Interest received44 24 
Investment income6 5 
Dividends from associates26 15 
Contingent consideration liability payments recognised in operating activities2
(5)(13)
Net cash outflow from operating activities(660)(1,036)
Notes
1 Prior year comparatives have been re-presented to reflect the aggregate working capital outflow, comprising trade receivables and accrued income, trade payables, other receivables and other payables.
2 Contingent consideration liability payments in excess of the amount determined at acquisition are recorded as operating activities.