RWS AR 23 Final Single pages - Flipbook - Page 43
CASH FLOW
Cash generated from operations was £129.2m, £19.6m
less than the prior year, when cash generated was
£148.8m. Operating cash 昀氀ow before movements in
working capital and provisions decreased from £157.5m
to £130.9m. The net working capital out昀氀ow of £1.7m has
decreased by £7.0m from the prior 昀椀nancial year's out昀氀ow
of £8.7m. This has been driven by improvement in working
capital management.
Signi昀椀cant cash out昀氀ows from investing activities included
net cash consideration for the acquisition of Propylon
Holdings Limited of £25.1m, contingent and deferred
consideration of £6.4m for prior period acquisitions of
Iconic and Liones Holding B.V. and purchases of intangible
software of £36.5m.
The Group announced a share repurchase programme
during the period and has repurchased £19.4m of
shares at the balance sheet date. The programme is
progressing as planned and is in line with our capital
allocation policy. Cash 昀氀ows from other 昀椀nancing activities
included dividends paid within the 昀椀nancial year ended 30
September 2023 of £46.3m.
Cash balances at the 昀椀nancial year end amounted to
£76.2m, with external borrowings of £52.6m, excluding
lease liabilities, resulting in a net cash position of £23.6m
(2022: £101.2m cash and external borrowings of £29.3m,
resulting in net cash of £71.9m). Net debt including lease
liabilities was £9.9m (2022: net cash of £25.2m).
POST BALANCE SHEET EVENTS
On 3 October 2023 the Group acquired ST Comms
Language Specialists Proprietary Limited, a Cape Town
based language services provider. The acquisition has
been funded from existing cash resources and is in line
with the Group’s strategy to actively pursue acquisitions
that have the potential to accelerate delivery of its medium
term plans.
The Group has continued its share repurchase
programme and from 1 October 2023 to 8 December
2023 has purchased a further 6,252,443 shares at an
average price of 234.3p per share.
Candida Davies | CHIEF FINANCIAL OFFICER
11 December 2023
STRATEGIC REPORT
RWS Holdings plc — Annual Report 2023
43
