Capital expenditure

Capex increased substantially in both absolute terms (from $167.5m to $196m) and as a percentage of sales (from 6.3% to 7.1%). This reflects new long-term contracts on various stretches of motorway. Some of the works completed during the year include the complete overhaul of three locations on the Pennsylvania Turnpike and major rebranding initiatives at five locations on the New York Thruway. In the airport channel, resources have gone toward renovations (including the Honolulu and Tampa locations) and international development (food & beverage outlets in Bangalore and Hyderabad).