for the year ended 31 December 2003

		2003		2002
	Note	£million		£million
Net cash inflow from operating activities	24a	18.3		38.0
Returns on investments and servicing of finance
Interest received		2.0		5.0
Interest paid		(3.6	)	(4.5	)
		(1.6	)	0.5
Taxation		(1.3	)	1.7
Capital expenditure and financial investment
Purchase of fixed assets (less grants received)		(21.0	)	(16.2	)
Disposal of fixed assets		0.4		0.9
Disposal of properties - exceptional		1.1		9.4
		(19.5	)	(5.9	)
Acquisitions and disposals
Acquisition of businesses		(0.3	)	(28.2	)
Disposal of businesses		-		3.5
		(0.3	)	(24.7	)
Cash (outflow)/inflow before use of liquid resources and financing		(4.4	)	9.6
Financing
Redemption of B shares		(9.5	)	(9.6	)
Increase/(decrease) in borrowings repayable within one year		0.2		(0.8	)
(Decrease)/increase in borrowings repayable after one year		(7.0	)	7.4
Capital element of finance lease payments		(0.2	)	-
		(20.9	)	(3.0	)
Management of liquid resources
Repayment of cash deposits		14.5		4.1
(Decrease)/increase in cash	24d	(6.4	)	10.7