Engineering group sees profits fall by a fifth

Engineering group Hill & Smith has reported a fall in both revenue and profits for its full-year 2020.

The company says revenues fell by 5% last year to £660.5m, while profit before tax dropped by a fifth to £62.6m.

Hill & Smith has been boosted by a strong second half performance in 2020, in which trading levels approached 2019 levels.

Paul Simmons, chief executive, said: “The robust 2020 trading performance clearly demonstrates the strengths of the group’s business model including the quality of our local teams and I would like to thank all of our employees for their continued commitment. We are particularly pleased with the strong recovery in the second half of 2020, with trading approaching prior year levels. This provides a solid platform to build from as we enhance our organic growth plans and realign our portfolio to drive even better returns.

“Our organic and acquisitive growth plans are underpinned by a strong balance sheet as well as positive dynamics in our key end markets given the long term requirement to upgrade infrastructure in a sustainable way. We expect to see a good recovery in trading in 2021.”