Revenue down but profits up at Hill & Smith
Hill & Smith Holdings, the supplier of infrastructure products, has announced a drop in revenue of 1.7 per cent to £193.5m. However, the Solihull-based company said that its underlying pre-tax profit had increased by 4.9 per cent to £21.5m.
The company, which is one of the largest suppliers of galvanised steel in the UK, released its results this morning for the six months to 30 June 2010.
Underlying earnings per share also increased from 18p to 19.2p and the company decreased its net debt by £11.2m, to £76.4m.
Derek Muir, chief executive, said: "The group has again delivered earnings growth in generally challenging macro economic conditions. The performance in the period continues to demonstrate the benefits of the niche market positioning and widening geographical spread of the "group's businesses.
"The significant reduction in indebtedness over the past 18 months will facilitate development of the group's strategy of targeting growth through acquisitions in new geographical markets.”
