v3.25.4
Consolidated cash flow statement - GBP (£)
£ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Profit before tax £ 457 £ 510 £ 493
Net finance costs 50 31 5
Depreciation and impairment – PPE, investment property and assets held for sale 54 77 90
Amortisation and impairment – software 112 117 123
Amortisation and impairment – acquired intangible assets 41 41 46
Other net gains and losses 3 5 13
Product development capital expenditure (285) (284) (300)
Amortisation and impairment – product development 364 291 284
Share-based payment costs 39 44 40
Change in inventories 5 15 9
Change in trade and other receivables (104) 32 (24)
Change in trade and other liabilities 35 (99) (20)
Change in provisions for other liabilities and charges (19) (1) (61)
Other movements (21) 32 (16)
Net cash generated from operations 731 811 682
Interest paid (73) (65) (60)
Tax paid (2) (119) (97)
Net cash generated from operating activities 656 627 525
Cash flows from investing activities      
Acquisition of subsidiaries, net of cash acquired (167) (39) (171)
Acquisition of joint ventures and associates     (5)
Purchase of investments (5) (7) (8)
Purchase of property, plant and equipment and investment property (29) (33) (30)
Purchase of intangible assets (105) (91) (96)
Disposal of subsidiaries, net of cash disposed 8 (7) (38)
Proceeds from disposal of investments     7
Proceeds from disposal of property, plant and equipment 3 6 5
Lease receivables repaid including disposals 18 18 15
Interest received 33 20 20
Dividends received 1 2  
Net cash used in investing activities (243) (131) (301)
Cash flows from financing activities      
Proceeds from issue of ordinary shares 9 7 9
Buyback of equity (352) (318) (186)
Settlement of share-based payments (72) (40) (35)
Proceeds from borrowings 1,017 1,265 285
Repayment of borrowings (974) (921) (285)
Repayment of lease liabilities (77) (78) (84)
Dividends paid to company's shareholders (160) (156) (154)
Net cash used in financing activities (609) (241) (450)
Effects of exchange rate changes on cash and cash equivalents (14) (21) (8)
Net (decrease)/increase in cash and cash equivalents (210) 234 (234)
Cash and cash equivalents at beginning of year 543 309 543
Cash and cash equivalents at end of year £ 333 £ 543 £ 309