Hill & Smith on track with rising revenue
Specialist engineering group Hill & Smith, which makes its motorway crash barriers in Bilston, has unveiled a £25 million hike in its revenue over the last six months, up to £191.3m.
The West Midlands-based business, with operations across Europe, Asia and the USA, is set to tell investors at its AGM today that Hill & Smith's performance in the first half of its financial year has been 'in line with expectations'.
Hill & Smith chief executive Derek Muir said: "The group has delivered a solid start to the year despite mixed end market conditions. Overall, conditions in many of our infrastructure markets remain favourable and we continue to expect to report good progress in 2017 in line with our expectations."
Revenue was up seven per cent, after adjustments for currency movements, acquisitions and disposals. Hill & Smith enjoyed a six per cent boost from the strengthening of the dollar and the euro against sterling. At the same time underlying operating profit and operating margin are ahead of the same period last year.
The UK Government's Road Investment strategy continues to boost demand for Hill & Smith's temporary safety barriers, variable message signs and bridge parapets.
The group sold its loss-making CA Traffic data collection business to TagMaster for £3m in April.
Hill & Smith also owns the former Signature street lights and traffic signs business in Oldbury, now part of its Malatite division, as well as galvanizing businesses such as Joseph Ash at Halesowen.
The group said overall its international galvanizing businesses had seen volumes slip by 4% but revenue and profit had improved. In the UK volumes were ahead of last year and profitability had also improved.
