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Interim Results

Record first half for Hill & Smith

10 August 2017 07:40

Hill & Smith Holdings has reported record first half year revenue and profitability.

Revenue increased by 13% to £291.8m (2016: £259.3m), of which translational currency benefits contributed £15.0m or 6%.

After adjusting for net additional revenue of £14.7m from acquisitions/disposals and reduced revenue from the prior year restructuring of the non-US Pipe Supports businesses of £9.5m, organic revenue growth was £12.3m or 5%.

Underlying operating profit improved by 21% to £38.8m (2016: £32.0m), including a positive currency translation of £2.3m.

Acquisitions/disposals contributed £1.6m and the benefit of the non-US Pipe Supports restructuring actions a further £1.5m.

The organic improvement in underlying operating profit was 4%. Underlying operating margin improved by 100bps to 13.3% (2016: 12.3%), while underlying profit before taxation was 22% higher at £37.4m (2016: £30.7m).

Reported operating profit was £35.4m (2016: £21.2m), an increase of 67% on the prior year.

Reported profit before tax was £33.5m (2016: £19.4m).

Chief executive Derek Muir said: "Hill & Smith continues to deliver a strong performance, again underpinned by our tried and tested strategy of international diversity together with the leading positions our businesses hold in their respective markets.

"Rising infrastructure investment, together with our focus on active portfolio management to drive shareholder value, resulted in record returns in the first half.

"Overall, despite increased political and macroeconomic uncertainties, our expectations for the year remain unchanged and we continue to expect 2017 to be a year of good progress."

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Related Company: HILS

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