Profits soar as Hill & Smith offloads loss-making firms

Solihull-based transport infrastructure firm Hill & Smith has posted a strong first half performance, with both revenue and profits rising.

Turnover at the firm has rise by 12% to £354.2m for the six months to June 30, while profit before tax soared by 72% to £39.2m.

Hill & Smith has reported 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.

Paul Simmons, chief executive, 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.”