30 September 2019
Hill & Smith Holdings PLC
Acquisition of Parking Facilities Limited
Hill & Smith Holdings PLC ('Hill & Smith' or 'the Group'), the international group with leading positions in the supply of infrastructure products and galvanizing services to global markets, today announces that it has completed the acquisition of Parking Facilities Limited ("Parking Facilities") for a cash consideration of £12.4m, on a debt and cash free basis (the "Acquisition"). The consideration will be funded from the Group's existing debt facilities.
Based in Tamworth, UK, Parking Facilities specialises in the design, manufacture and supply of a market-leading range of parking and access control products including cantilever, bi-fold and swing gates, automatic and manual barriers, automatic bollards, rising kerbs, speed ramps and access control equipment. Parking Facilities also offers a bespoke service from design to manufacture, supplying custom-built products to match existing surroundings.
In the year to 30 November 2018, Parking Facilities reported revenue of £10.8m, underlying EBITDA of £2.1m and net operating assets, on a debt and cash free basis, of £3.0m. The Acquisition is expected to be earnings enhancing to the Group in the first full financial year following completion.
Derek Muir, Group Chief Executive, commented: "Parking Facilities has a wide range of high quality products that complement our existing Hostile Vehicle Mitigation and related security product offering, enabling us to provide comprehensive perimeter security solutions to customers in both UK and international markets."
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This announcement contains forward looking statements which are made in good faith based on the information available at the time of its approval. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a number of risks and uncertainties that are inherent in any forward looking statement which could cause actual results to differ materially from those currently anticipated. Nothing in this document should be regarded as a profits forecast nor should it be taken to mean that earnings per share of Hill & Smith in the year ending 31 December 2019, or in future years, will necessarily match or exceed the Group's historical earnings per share.
For further information, please contact:
Hill & Smith Holdings PLC
Derek Muir, Chief Executive Tel: 44 (0)121 704 7430
Hannah Nichols, Chief Financial Officer
Andrew Jaques/Ollie Hoare/Guy Featherstone Tel: 44 (0)20 3128 8100
Notes to Editors
Hill & Smith Holdings PLC is an international group with leading positions in the design, manufacture and supply of infrastructure products and galvanizing services to global markets. It serves its customers from facilities principally in the UK, France, USA, Sweden, Norway, India and Australia.
The Group's operations are organised into three main business segments:
Infrastructure Products - Roads, supplying products and services such as permanent and temporary road safety barriers, hostile vehicle mitigation products, street lighting columns, bridge parapets, temporary car parks and variable road messaging solutions.
Infrastructure Products - Utilities, supplying products and services such as pipe supports for the power and liquid natural gas markets, energy grid components, composite "GRP" products, industrial flooring, handrails, access covers and security fencing.
Galvanizing Services which provides zinc and other coatings for a wide range of products including fencing, lighting columns, structural steel work, bridges, agricultural and other products for the infrastructure and construction markets.
Headquartered in the UK and quoted on the London Stock Exchange (LSE: HILS.L), Hill & Smith Holdings PLC employs some 4,400 staff, principally in 7 countries.