Funding and Dividend
Our balance sheet remains strong. We funded acquisition investment of £38.8 million in the period, including £20.2 million in respect of GaiaTech (announced on 20 May). Net bank borrowings at 30 June were £63.8 million (31 December 2013: £32.4 million). We have in place until 2016 a £125 million facility with Lloyds Bank Plc and have recently secured a US$150 million US private placement shelf facility with Pricoa. Initial notes with an aggregate value of £50 million, seven year term and 4% fixed coupon will be issued in September. Cash conversion was a little below the normal run rate as some major clients managed payment around their own half year. We expect the full year outcome to be at the normal level.
The Board remains confident about the Group's financial strength and has, once again, increased the interim dividend by 15% to 4.05 pence per share (2013: 3.52 pence) payable on 16 October 2014 to shareholders on the register on 19 September 2014.
