In the year, the Group completed sixteen acquisitions within high growth niche segments of the leisure travel market, in line with its strategy of making bolt-on acquisitions of businesses with the ability to generate premium margins and high earnings growth. The 16 businesses were acquired for a total consideration of £108.6m. For comparison, in the year ended 30 September 2007, we made 17 acquisitions for a total consideration of £220.0m (although this included the acquisition of LateRooms for £97.2m).

Acquisitions in the year are shown in the table above. Of the consideration, £74.3m was paid during the year.  A further £30.2m will be paid as deferred and contingent consideration and loan notes of £2.7m were issued.  In addition, £1.4m of acquisition expenses were incurred, bringing the total expected consideration to £108.6m.  

The cash flow impact resulting from acquisitions includes the cash consideration paid for acquisitions in the year of £74.3m, deferred and contingent consideration of £0.6m relating to acquisitions in the year, deferred and contingent consideration of £37.0m relating to prior year acquisitions that was paid in the year, acquisition expenses of £1.4m, cash acquired of £23.0m, and cash paid relating to the purchase of minority interests of £19.8m, resulting in a total net cash outflow for the year of £110.1m (2007: £135.2m).