Transport infrastructure firm bullish with results on track
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Solihull-based transport infrastructure firm Hill & Smith was in bullish mood this morning as it reported robust trading leaving it on track to meet market expectations for the full year.
Updating the markets on its performance for the four months to the end of October, Hill & Smith reported revenue of £237.1m, 4% ahead of last year on an organic constant currency basis.
Meanwhile, it said supply chain headwinds relating to the availability of materials and labour “continue to be appropriately managed.”
Price increases have been implemented to help offset input cost inflation, with steel being the most impacted category for the group.
Based on the trading performance to date, the group remains on track to deliver full year 2021 underlying operating profit in line with a expectations.
Hill & Smith said: “The board remains confident in the medium to longer term outlook for the group, supported by strong growth drivers for both sustainable infrastructure and safe transport.”
Net debt as at 31 October 2021 was £154.2m (30 June 2021: £154.6m), while the group remains cash generative with the movement in the period including £13.9m for the payment of the 2020 final dividend.
Hill & Smith’s preliminary results for the year ending 31 December 2021 are scheduled to be announced on 10 March 2022.