18 July 2022
Hill & Smith Holdings PLC
Hill and Smith Holdings PLC ("the Group" or "Hill and Smith"), the international group creating sustainable infrastructure and safe transport through innovation, announces that Paul Simmons has stepped down from his role as Chief Executive Officer ("CEO") and as an Executive Director of the Board with immediate effect. He will leave his employment with the Group after a period of garden leave. Alan Giddins, the Company's Non-Executive Chair, will take over as interim Executive Chair until a permanent replacement CEO is appointed.
A process to find a permanent CEO is now underway.
Trading in the first half has been positive with revenue of c. £397m and underlying operating profit of c. £48m both c. 10% ahead of last year on a constant currency basis. The Board confirms that the full year results remain in line with its expectations with current foreign exchange rates providing potential outperformance.
Interim results for the six months to 30 June 2022 will be released on 3 August 2022.
Alan Giddins, Executive Chair said:
"The Group is well placed to benefit from strong market growth drivers, improving margins, portfolio optimisation and robust cash generation. Working together with Hill and Smith's senior management team the Board is confident in the Group's ability to deliver on its ambitious strategic growth plans. The Board wishes Paul well for the future."
Capital Markets Event
The forthcoming Capital Markets Event, due to be held on 21 September 2022, will be rescheduled in due course.
For further information, please contact:
Hill and Smith Holdings PLC
Alan Giddins, Executive Chair Tel: 44 (0)121 704 7430
Hannah Nichols, Chief Financial Officer
Numis Securities Limited
Mark Lander Tel: 44 (0)20 7260 1000
Andrew Jaques Tel: 44 (0)20 3128 8613
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (together, "MAR").
The person responsible for making this notification is Alex Henderson.
Notes to Editors
Hill & Smith Holdings PLC creates sustainable infrastructure and safe transport through innovation. The Group employs c.4,500 people worldwide with the majority employed by its autonomous, agile, customer focussed operating businesses based in the UK, USA, France, Sweden, India and Australia. It has a head office in the UK and it is quoted on the London Stock Exchange (LSE: HILS.L).
The Group's operating businesses are organised into three main business divisions:
Galvanizing Services: dramatically increasing the sustainability and maintenance free life of steel products including structural steel work, lighting, bridges, agricultural and other products for the industrial and infrastructure markets.
Utilities: supplying steel and engineered composite solutions with low embodied energy for a wide range of infrastructure markets including energy generation and distribution, marine, rail and housing. The division also supplies engineered pipe supports for the water, power and liquid natural gas markets and seismic protection solutions
Roads & Security: supplying products and services to support road and highway infrastructure including temporary and permanent road safety barriers, renewable energy lighting and power solutions, Intelligent Traffic Solutions, street lighting columns and bridge parapets. The security portfolio includes hostile vehicle mitigation solutions, high security fencing and automated gate solutions.