Year ended 30 June 2014Attributable to owners of the parent
Issued
share
capital
£000
Share
premium
account
£000
Own shares
£000
Hedging
reserve
£000
Foreign
currency
translation
reserve
£000
Merger
reserve
£000
Retained
earnings
£000
Total
£000
At 1 July 2013872123,4859,1061,77039,383174,616
Profit for the period59,04759,047
Effective portion of changes in fair value of cash flow hedges, net of tax(312)(312)
Foreign currency translation differences for foreign operations(18,128)(18,128)
Remeasurement of defined benefit pension scheme(136)(136)
Cash flow hedges recycled to income statement, net of tax180180
Total comprehensive income(132)(18,128)58,91140,651
Transactions with owners
Dividends paid(12,579)(12,579)
Share-based payments1,7751,775
Shares issued5944949
Own shares purchased(606)(606)
Total contributions by and distributions to owners5944(606)(10,804)(10,461)
At 30 June 2014877124,429(606)(132)(9,022)1,77087,490204,806
Year ended 30 June 2015
At 1 July 2014877124,429(606)(132)(9,022)1,77087,490204,806
Profit for the period19,45919,459
Effective portion of changes in fair value of cash flow hedges, net of tax(140)(140)
Losses arising on held for trading financial assets(37)(37)
Foreign currency translation differences for foreign operations(18,525)(18,525)
Remeasurement of defined benefit pension scheme, net of tax(14)(14)
Cash flow hedges recycled to income statement, net of tax178178
Total comprehensive income38(18,525)19,408921
Transactions with owners
Dividends paid(13,857)(13,857)
Share-based payments2,2432,243
Shares issued3372375
Own shares recycled to retained earnings303(303)
Total contributions by and distributions to owners3372303(11,917)(11,239)
At 30 June 2015880124,801(303)(94)(27,547)1,77094,981194,488

Hedging Reserve

The hedging reserve represents the cumulative fair value gains or losses on derivative financial instruments for which cash flow hedge accounting has been applied, net of tax.

Foreign Currency Translation Reserve

The foreign currency translation reserve contains exchange differences on the translation of subsidiaries with a functional currency other than Sterling and exchange gains or losses on the translation of liabilities that hedge the Company's net investment in foreign subsidiaries.

Merger Reserve

The merger reserve represents the excess of fair value over nominal value of shares issued in consideration for the acquisition of subsidiaries where statutory merger relief has been applied in the financial statements of the Parent Company.