Unaudited		Audited
		6 months ended 31 December		12 months ended 30 June
	Note	2019 £m	2018 £m	2019 £m
Cash flows from operating activities
Operating profit		159	187	411
Depreciation and amortisation		3	1	3
Adjustment for non-cash items		(3)	(1)	(7)
Decrease/(increase) in trade and other receivables		13	1	(6)
Increase in inventories		(53)	(40)	(79)
(Decrease)/increase in trade and other payables		(74)	(3)	50
(Decrease)/increase in provisions		-	-	(1)
Cash inflow generated from operations		45	145	371
Interest paid		(1)	(1)	(2)
Tax paid		(77)	(35)	(77)
Net cash (outflow)/inflow from operating activities		(33)	109	292
Cash flows from investing activities
Acquisition of software, property, plant and equipment		(3)	(1)	(4)
Interest received		-	-	1
Net payments to joint ventures		(2)	-	-
Net cash (outflow) from investing activities		(5)	(1)	(3)
Cashflows from financing activities
Issue of bank borrowings		75	1	80
Repayment of bank borrowings		(80)	(5)	(5)
Purchase of own shares		-	-	(10)
Dividends paid	3	(72)	(70)	(218)
Net cash outflow from financing activities		(77)	(74)	(153)
(Decrease)/increase in net cash and cash equivalents		(115)	34	136
Net cash and cash equivalents at the beginning of the period		204	68	68
Net cash and cash equivalents at the end of the period	8	89	102	204