Profits rise for infrastructure group
Transport infrastructure firm Hill & Smith, which has its motorway has seen both revenue and profits rise in the first six months of this year.
The group also includes Halesowen-based galvanising firm Joseph Ash with sites in Telford, Walsall and Bilston and Oldbury-based street lighting firm Signature.
Turnover was up 12 per cent to £354.2 million and pre-tax profit grew seven per cent to £20.8m.
Hill & Smith has reported a strong performance and a good recovery in trading across all group divisions during the period, which saw it acquire Prolectruc Services and offload a securing access cover firm and close a variable message sign business – both of which were loss-making.
Chief executive Paul Simmons said: “We are pleased with the first half trading performance, with revenue and profit ahead of 2020 and 2019 levels. On behalf of the board, I would like to thank all our colleagues for their significant contribution and continued resolve during these challenging times.
“We are also encouraged by the strategic progress we have made which is laying the foundations for long term sustainable growth. This includes an acquisition, one disposal and one closure, sustainability actions and senior management hires. Based on the first half and the current outlook the Board now expects full year underlying operating profit to be slightly ahead of the current analyst range. Longer term, with or without the benefit of additional significant government infrastructure spending, we believe we are well placed to deliver strong profit growth.”
