Hill and Smith (HILS)

Share Price:
2,930.00p
Market Cap:
£2,296.45m
Change Today:
0.000p
Sector:
Engineering

Hill & Smith flags positive start to year

By Josh White

Date: Thursday 23 May 2024

LONDON (ShareCast) - (Sharecast News) - Infrastructure products specialist Hill & Smith reported a positive start to the year in an update on Thursday, slightly exceeding expectations.
The FTSE 250 company, which was holding its annual general meeting, said it saw a 5% increase in revenue on a constant currency basis, driven by strong market demand for infrastructure solutions in the US, which offset a more challenging market environment in the UK.

It also achieved further operating margin expansion compared to the same period last year.

The Engineered Solutions division experienced good organic growth, buoyed by strong demand across US operations.

That division's operating margin slightly exceeded that of the same period last year.

Galvanizing Services meanwhile saw good organic growth, with a significant increase in US production volumes, partially offset by lower volumes in the UK.

However, the Roads and Security division recorded lower results compared to 2023, primarily due to decreased customer demand for US off-grid solar products, following a very strong prior period.

Despite that, the overall market for sustainable infrastructure remained strong, providing positive long-term growth prospects.

The integration of recent US acquisitions - United Fiberglass, Capital Steel, and FM Stainless - was progressing well, with all businesses performing at or above expectations.

Hill & Smith said its merger and acquisition pipeline remained promising, adding that its balance sheet continued to be robust, supporting both organic and inorganic growth opportunities.

Looking ahead, Hill & Smith said it expected full-year 2024 operating profit to be slightly ahead of the top end of analyst expectations.

The company said it remained optimistic about its medium to long-term outlook, driven by strong market growth drivers for sustainable infrastructure.

Hill & Smith planned to announce its interim results for the six months ending 30 June on 8 August.

At 1125 BST, shares in Hill & Smith were up 2.62% at 2,009.38p.

Reporting by Josh White for Sharecast.com.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Hill and Smith Market Data

Currency UK Pounds
Price 2,930.00p
Change Today 0.000p
52 Week High 3,095.00p
52 Week Low 2,020.00p
Volume 154,277
Shares Issued 78.38m
Market Cap £2,296.45m

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