| | | | | | | | |
| | | | Year ended 30 June |
| | | | 2025 | | 2024 | | 2023 |
| | Note | | £’000 | | £’000 | | £’000 |
Cash flows from operating activities | | | | | | | | |
Cash generated from operations | | 27.1 | | 107,498 | | 117,461 | | 128,857 |
Interest paid | | | | (37,198) | | (37,225) | | (31,952) |
Interest received | | | | 3,350 | | 1,686 | | 496 |
Tax (paid)/refunded | | | | (948) | | 3,749 | | (1,632) |
Net cash inflow from operating activities | | | | 72,702 | | 85,671 | | 95,769 |
Cash flows from investing activities | | | | | | | | |
Payments for property, plant and equipment | | | | (44,721) | | (17,511) | | (15,611) |
Payments for intangible assets(1) | | | | (278,746) | | (190,721) | | (156,165) |
Proceeds from sale of intangible assets(1) | | | | 48,792 | | 37,028 | | 31,616 |
Net cash outflow from investing activities | | | | (274,675) | | (171,204) | | (140,160) |
Cash flows from financing activities | | | | | | | | |
Proceeds from borrowings | | | | 230,000 | | 160,000 | | 100,000 |
Repayment of borrowings | | | | (100,000) | | (230,000) | | (100,000) |
Proceeds from issue of shares | | | | 79,985 | | 158,542 | | — |
Principal elements of lease payments | | | | (403) | | (976) | | (1,952) |
Debt issue costs paid | | | | — | | (1,335) | | — |
Net cash inflow/(outflow) from financing activities | | | | 209,582 | | 86,231 | | (1,952) |
Effect of exchange rate changes on cash and cash equivalents | | | | 4,947 | | (3,168) | | 1,139 |
Net increase/(decrease) in cash and cash equivalents | | | | 12,556 | | (2,470) | | (45,204) |
Cash and cash equivalents at beginning of year | | | | 73,549 | | 76,019 | | 121,223 |
Cash and cash equivalents at end of year | | 21 | | 86,105 | | 73,549 | | 76,019 |