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(Alliance News) - Hill & Smith Holdings PLC on Wednesday reported a double-digit profit fall in 2020 after some of its operating sites had to close due to coronavirus pandemic.
The FTSE 250-listed infrastructure company said revenue declined by 5% in 2020 to GBP660.5 million from GBP694.7 million reported for 2019. On an organic basis, revenue fell by 7% year-on-year.
Hill & Smith said its performance was hurt by Covid-19, which resulted, in the second quarter of 2020, in the temporary closure of operations in France and India and some in the UK. More positively, those businesses reopened and traded strongly in the second half of 2020.
Underlying pretax profit decreased by 21% to GBP62.6 million, and statutory pretax profit fell 43% to GBP35.5 million.
Hill & Smith declared a dividend of 26.7 pence compared to 10.6p paid the year before.
Going forward, the company noted that its long-term outlook remains positive.
"Our organic and acquisitive growth plans are underpinned by a strong balance sheet as well as positive dynamics in our key end markets given the long term requirement to upgrade infrastructure in a sustainable way. We expect to see a good recovery in trading in 2021," said Chief Executive Paul Simmons.
Hill & Smith shares were trading 2.0% higher in London on Wednesday morning at 1,348.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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