Note2017
£000
2016
£000
restated
Cash flow from operating activities
Profit for the year before tax19,58933,733
Adjustments for:
– depreciation13242179
– profit on disposal of property, plant and equipment(9)
– share-based payments1,251665
– revaluation of investment properties(1,466)(18,015)
– gain on disposal of subsidiary(5,988)
– gain on disposal of joint venture(6,965)
– interest expense6,9986,576
– interest and similar income(458)(477)
– share of (profit)/loss of joint ventures(13)232
– share of loss of associates238138
Corporation tax payments(3,576)(2,158)
Change in working capital:
– increase in inventories(6,926)(16,797)
– decrease in trade and other receivables6,120669
– decrease in trade and other payables(7,438)(2,781)
Net cash inflow from operating activities1,6081,955
Cash flow from investing activities
Interest received344
Purchases of property, plant and equipment13(450)(329)
Purchases of investment property12(387)(1,021)
Sale of property, plant and equipment12
Acquisition of subsidiaries(804)
Proceeds from sale of investments1
Proceeds from sale of subsidiary5,750
Loans provided to joint ventures(10,854)(5,810)
Investment in joint ventures(46)(202)
Loans provided to associate(2,478)(4,266)
Amounts repaid by associate1,072
Investment in associate(125)(251)
Net cash outflow from investing activities(7,173)(12,671)
Cash flow from financing activities
Interest paid(4,450)(5,203)
Repayment of borrowings(48,714)(28,417)
New loans71,29142,845
Net proceeds on issue of ordinary shares389
Equity dividends paid to ordinary shareholders11(2,850)(2,832)
Purchase of own shares for Long Term Incentive Plan(365)(331)
Net cash inflow from financing activities15,3016,062
Net increase/(decrease) in cash and cash equivalents9,736(4,654)
Net cash and cash equivalents at beginning of year16,72321,377
Net cash and cash equivalents at end of year26,45916,723

The accompanying accounting policies and notes form part of these financial statements.