Record results for Hill & Smith as £6.6m deal completed
Infrastructure products group Hill & Smith has revealed a record trading performance.
The group, which includes Hill & Smith Barrier at Springvale Business Park in Bilston, said revenue was up 14% and underlying operating profit up 26% as it announced its preliminary results for the year ended December 31.
The US market represented 76% of 2023 underlying operating profit.
Hill & Smith revealed revenue of £829.8m in the year, up from £732.1m in 2022.
Underlying pre-tax profits rose reached £111.9m, up from £87.9m.
The Solihull headquartered business also revealed the acquisition of FM Stainless, located in Ellijay, Georgia, which manufactures stainless steel pipe supports.
The deal was worth £6.6m and Alan Giddins, Executive Chair, said: "The acquisition will expand our geographical customer base, increase our manufacturing capability and generate material cross selling opportunities in an attractive growth market. I am delighted to welcome FM Stainless and its employees to the Group."
On the results, Mr Giddins, added: "This is a record set of results for the Group, with significant progress against our strategic goals. We expect this good momentum to continue into 2024.
"Over the medium term, we see significant opportunities as a result of the Group's exposure to infrastructure markets with strong structural growth drivers, particularly in the US, and through our ability to use selective M&A to acquire complementary technologies and access both new customers and end markets."
