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Hill & Smith maintains outlook amid growth in UK businesses; plans to commence search to replace chairman

Thursday, 16th May 2019
Hill & Smith said it would seek a replacement for its chairman as part of a succession plan and reported that its UK businesses' performance in the first four months of the year was ahead of prior year, though some of its smaller international operations had made a slower start.

'Now that he has served 10 years on the Board, and in line with the overall succession plan, Jock Lennox had agreed that a search for his successor should commence,' the company said.

Whilst the wider investment environment in the UK continued to be cautious, broad-based infrastructure spend continues to underpin demand in our Utilities and Galvanizing operations, the company said.

After a slower start to the year in the UK Roads market, the implementation of the Government's long-term Road Investment Strategy helped increase utilisation of our temporary safety barrier rental fleet, the company added.

US infrastructure investment continued to be 'robust and demand across our portfolio of products is good,' Hii & Smith said. 'In particular, our US Utilities businesses delivered revenues and profitability ahead of the prior year and carry strong order backlogs.'

'The Board confirms that its expectations for the full year remain unchanged.'

At 10:01am: (LON:HILS) Hill Smith Holdings PLC share price was +26.5p at 1277.5p

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