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Cash generated from operations (Tables)

12 Months Ended

Jun. 30, 2018

Cash generated from operations

Schedule of cash generated from operations

		Notes		2018 £'000			2017 £'000			2016 £'000
Profit before tax					26,097			56,538			48,833
Adjustments for:
Depreciation		13, 14			10,755			10,228			10,079
Impairment (reversal)/charge		6			—			(4,753	)		6,693
Amortization		15			138,380			124,434			88,009
(Profit)/loss on disposal of intangible assets					(18,119	)		(10,926	)		9,786
Net finance costs					18,038			24,277			20,017
(Profit)/loss on disposal of property, plant and equipment					(81	)		43			126
Equity-settled share-based payments		22			2,915			2,187			1,795
Foreign exchange losses/(gains) on operating activities					994			2,646			(7,660	)
Reclassified from hedging reserve					14,395			4,765			1,382
Changes in working capital:
Inventories					221			(711	)		(926	)
Trade and other receivables(1)					(72,027	)		17,525			(31,741	)
Trade and other payables and deferred revenue(1)					(1,964	)		25,506			54,471

Cash generated from operations					119,604			251,759			200,864


(1)	These amounts exclude non-cash movements and movements in respect of items reported elsewhere in the consolidated statement of cash flows, primarily in investing activities (where the timing of acquisitions and disposals and related cash flows can differ), resulting in:
	•	an increase in changes to trade and other receivables of £18,374,000 (2017: reduction of £3,224,000; 2016: reduction of £20,676,000); and
	•	an increase in changes to trade and other payables and deferred revenue of £74,088,000 (2017: reduction of £26,428,000; 2016: reduction of £26,838,000).