medal hopefuls try to find a way to juggle intense training with a career track By Dahlia Bazzaz Aug. 3, 2016 1:10 p.m. ET If preparing for the biggest event in sports is a full-time job, then Olympic fencer Gerek Meinhardt has two of them. For several months last year, the two-time Olympian woke at 5 a.m. every day for two-hour workouts before heading to his technology consulting job at Deloitte & Touche LLP in San Francisco. Twelve hours later, he would be back at a fencing gym for practice. In the Olympic world, Mr. Meinhardt is a rarity. Many athletes defer professional jobs until their competitive careers are over, drawing income…
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We’ve previously said that the financial impacts from this program remain on track, and I can advise that the integration will be substantially complete by the end of 2016, well ahead of the original schedule. We will not be including any new restructuring costs over and above those from our original integration plans going forwards. Negative movements in derivatives of GBP25 million reflect the mark-to-market impact of changes in currency rates ,post-Brexit, but are not unusually high. Non-cash amortization of intangibles is reduced following our recent series of divestments, and other acquisition and divestment items reflect proceeds from the January 2016 surveillance business sale, net of final cost, and working capital closure adjustments from some of our earlier disposals. The main components of net debt movements from December 2015 to June 2016 are shown on this slide. There is also a detailed cash flow table in the appendix. Total EBITDA in the period GBP130 million. A net cash inflow of GBP23 million was achieved in working capital in the period overall with an outflow of GBP30 million in the first quarter, but that was more than fully recovered during the second quarter where a net GBP53 million inflow was achieved. It is pleasing to be able to report some success in our continued and significant efforts over a sustained period to drive improvements in working capital performance, and I’ll provide more detail on these movements on the next slide. Capital expenditure fell by over GBP20 million to GBP37 million, a reflection of an increased focus on priority investments to support growth in customer commitments, in particular given the Group’s net debt position for most of the first half. The improvements in working capital performance and reduced capital expenditure were the primary drivers of the 106% operating cash conversion achieved in the first half.
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