The Board’s policy is to maintain a strong capital base in order to maintain investor, creditor and market confidence
and to sustain future development of the business. The Board considers consolidated total equity as capital. As at
31 December 2016 this totalled £77.1m (2015: £70.1m).

The Board is not proposing any final dividend payment for 2016 (2015: nil). The Group has a clear capital allocation discipline and is committed to returning any excess funds to our shareholders via either a future dividend or a
share repurchase.