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(Alliance News) - Hill & Smith Holdings PLC shares rose on Thursday after the FTSE 250 firm reported significantly increased annual profit due to a strong recovery from the pandemic related disruption in 2020.
Shares were trading 7.3% higher in London on Thursday morning at 1,388.00 pence each.
In 2021, the Solihull, England-based infrastructure company generated a pretax profit of GBP50.9 million, up 43% from GBP35.5 million reached in 2020.
This was on a revenue rise of 6.7% to GBP705.0 million from GBP660.5 million the year before.
Hill & Smith credited this to a strong recovery in 2021, with all three of its divisions delivering strong revenue and profit growth. The comparator, 2020, was "severely" impacted by Covid-19-related disruption, it noted.
The company declared a final dividend of 19.0 pence per share, delivering a total dividend of 31.0p. This reflects a 16% increase from the 26.7p paid the year prior.
Looking ahead, Hill & Smith said it expects to make good progress this year, despite the ongoing supply chain and inflationary headwinds.
The company still noted uncertainty around the consequences of the war in Ukraine on the global economy.
However, it said it has no operations in that part of the world and "no direct and negligible indirect exposure to customers and suppliers in the region." Hill & Smith added that it will still continue to monitor the situation.
"We set out an ambitious agenda a year ago and our people and businesses have responded positively to this, for which I would like to thank them. 2021 was not without its challenges, particularly supply chain and inflationary pressures. The group navigated these well which is testament to the resilience of our autonomous operating model," Chief Executive Paul Simmons said.
"In 2022 we expect to make good progress despite the ongoing headwinds and geopolitical uncertainties. In the longer term, I am excited about what the future holds given our exposure to the positive macro trends of sustainable infrastructure and safe transport."
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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