Funding and Dividend
Our balance sheet remains strong and conversion of profit into cash was exceptionally good. We funded acquisition investment of £26.9 million in the period. Net bank borrowings at 30 June 2015 were £72.7 million (31 December 2014: £73.2 million).
Since the period end, we have put in place a five year £150 million revolving credit facility ("RCF") with Lloyds Bank plc and HSBC Bank plc. This replaced an RCF with Lloyds of £125 million, due to expire in July 2016, on more favourable terms. In addition, six years remain on the £52 million fixed term, fixed rate notes issued through Pricoa in 2014.
The Board remains confident about the Group's financial strength and prospects and has, once again, increased the interim dividend by 15% to 4.66 pence per share (2014: 4.05 pence) payable on 15 October 2015 to shareholders on the register on 18 September 2015.
