Note2018
£m
2017
£m
Cash flow from operating activities
Profit for the year before tax19.319.6
Adjustments for:
– depreciation140.30.3
– share-based payments0.81.3
– revaluation of investment properties(1.5)
– gain on disposal of subsidiary(0.1)(6.0)
– gain on disposal of joint venture(7.0)
– interest expense5.17.0
– interest and similar income(0.9)(0.5)
– share of profit of joint ventures(1.0)
– share of loss of associate0.2
Corporation tax payments(4.0)(3.6)
Change in working capital:
– decrease in inventories(3.2)(6.9)
– (increase)/decrease in trade and other receivables(17.8)6.1
– decrease in trade and other payables(12.8)(7.4)
Net cash (outflow)/inflow from operating activities(14.3)1.6
Cash flow from investing activities
Interest received0.80.3
Purchases of property, plant and equipment14(0.9)(0.5)
Purchases of investment property13(0.2)(0.4)
Purchase of investment(0.2)
Proceeds from sale of subsidiary13.45.8
Loans provided to joint ventures(7.6)(10.8)
Amounts repaid by joint ventures5.9
Distribution of profits from joint venture0.8
Loans provided to associate(2.5)
Amounts repaid by associate1.1
Investment in associate(0.1)
Net cash inflow/(outflow) from investing activities12.0(7.1)
Cash flow from financing activities
Interest paid(3.8)(4.5)
Repayment of borrowings(6.3)(48.7)
New loans30.671.3
Net proceeds on issue of ordinary shares0.4
Equity dividends paid to ordinary shareholders12(3.7)(2.8)
Purchase of own shares(0.6)(0.4)
Net cash inflow from financing activities16.215.3
Net increase in cash and cash equivalents13.99.8
Net cash and cash equivalents at beginning of year26.516.7
Net cash and cash equivalents at end of year1940.426.5

The accompanying notes form part of these financial statements.