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(Alliance News) - Hill & Smith Holdings PLC on Thursday said it has seen a recovery in trading for the four months to October 31 as it announced Derek Muir has handed over the reins of the company to new chief executive Paul Simmons.
The FTSE 250-listed company makes road safety barriers, pipe supports and street lighting columns. It said revenue for the four-month period was GBP235.2 million, down only 3.4% from GBP243.6 million for the same period in 2019. It added that underlying operating profit is ahead of the prior year due to improved margins and tight cost control across its three divisions; Roads & Security, Utilities and Galvanizing.
Looking ahead, Hill & Smith said: "Medium-term guidance remains difficult given the continuing uncertainties arising from the Covid-19 pandemic. However, assuming end markets continue to remain open, we now expect the group's annual operating profit to be slightly ahead of the top end of the current analyst forecast range."
The current analyst forecast range for 2020 operating profit is between GBP61.6 million to GBP64.7 million. For comparison, operating profit for 2019 was GBP86.3 million.
Full results for 2020 will be published on March 10.
Separately, Hill & Smith said following a handover period, Muir has stepped down from the board, handing over full control to Paul Simmons who joined as CEO-designate in September.
In April, Hill & Smith announced the departure of Muir, adding it had hired Simmons who was at the time head of the Safety Sector business at FTSE 100 safety products maker Halma PLC.
Hill & Smith was trading 2.0% higher at 1,324.00 pence each on Thursday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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