Profit before amortisation and tax rose 9% to £18.7 million (H1 2016: £17.2 million) on revenues 16% higher at £121.7 million (H1 2016: £105.1 million). This performance reflects strong underlying organic growth in most of our businesses, plus contributions from the acquisitions of Higher Access and TR Group in March and April 2016 respectively. Earnings per share, pre-amortisation, increased 8% to 37.9 pence per share (H1 2016: 35.1 pence per share). Return on capital employed at 15.6% is strong and remains ahead of our long term target of 15% emphasising the quality of the revenue and profit growth that the Group is generating.
Capital investment in fleet in the period rose significantly to £29.9 million (H1 2016: £23.4 million). Borrowings at the period end stood at £107.5 million (March 2016: £86.1 million) after funding organic investment and acquisitions totalling £42.5 million. Operational cash flow remained very strong at £26.6 million.
In light of these very positive results, we are pleased to declare an interim dividend of 6.00 pence per share (H1 2016: 5.35 pence per share), an increase of 12%, payable on 4 January 2017 to shareholders on the register as at 9 December 2016.
