CASH FLOW, FUNDING AND DIVIDEND
Our cash conversion in the first part of 2013 was once again very good. Net bank debt at the end of March was £9.1 million, compared with £15.2 million at the same time last year and £13.5 million at the end of 2012. Our interest costs, as expected, have been modest. The Group has adequate facilities to continue its acquisition strategy and is currently examining a range of attractive opportunities. Over 19 consecutive years, from 1993 to 2012, we increased our dividend in the order of 15% each year. It is the Board's intention to maintain this rate of growth.
