Companies paying out a growing stream of fully franked dividends are especially valuable to income investors in the current environment of low interest rates.

Starting with even a modest yield, a dividend growth rate of around 10% per annum quickly creates an attractive income investment.

For example, a starting yield of 4% followed by 10% annual dividend growth will overtake a 5% starting yield that remains flat after just three years.

It is important that dividend growth is coming from growing earnings, as opposed to just an increased payout ratio over time.

Here are three companies with a solid history of earnings and dividend growth, and a promising outlook:

Retail Food Group Limited (ASX: RFG) has an impressive collection of food outlets, including Gloria Jean’s, Crust Pizza and Michel’s Patisserie.

Return on equity is an attractive 15%.

Dividends have compounded at around 18% over the last five years. Analysts expect more growth to come in the next few years, building on the current dividend yield of 4.1% fully franked.

Shares have risen by around 50% in the last year. With a market capitalisation of $1.2 billion, it has the potential to grow into a much larger company.

Long term investors have a good chance of being rewarded with further capital growth and increasing dividend income.

Super Retail Group Limited (ASX: SUL) owns retail chains including Supercheap Auto, Rebel Sports and Ray’s Outdoors.

The group is well managed, with a return on equity of around 15%. Shares are up by 12% in the last year.

Super Retail Group has a market capitalisation of $2 billion and a pays a fully franked dividend of 4.5%. Dividends have grown at over 8% a year on average over the last five years.

With analysts expecting further dividend growth of around 12% for the next two years, shares are worth a closer look for investors looking for growing income.

Blackmores Limited (ASX: BKL) has a five-year dividend growth rate of 27%, with most of this growth coming in the last two years after explosive sales of its vitamin products in the Chinese market.

Blackmores has a market capitalisation of $2 billion and a return on equity of around 55%.

It is currently working to branch out into Chinese herbal medicine and infant milk formula. It is also expanding to new markets, such as Iran.

A fully franked dividend yield of 3.9% represents a good source of income for investors who are happy to hold and wait for the growth to continue. Shares are down around 45% recently, representing an attractive entry point for long-term investors.

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Motley Fool contributor Matthew Bugden has no position in any stocks mentioned. The Motley Fool Australia owns shares of Retail Food Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.