(Alliance News) - Hill & Smith Holdings PLC on Monday said that Chief Executive Officer Paul Simmons plans to step down immediately.
Simmons joined the Solihull, England-based infrastructure company as CEO back in September 2020.
Hill & Smith said that Non-Executive Chair Alan Giddins will take over as interim executive chair until a permanent replacement CEO is appointed.
The process to find a permanent CEO is now underway, it added.
In addition, Hill & Smith said that trading in the first half of 2022 has been "positive", with revenue of around GBP397 million and underlying profit of about GBP48 million. Both are up approximately 10% from last year on a constant currency basis.
The board also confirmed it forecasts full year results remain in line with expectations, with current foreign exchange rates providing potential outperformance.
Giddins 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 & Smith's senior management team the board is confident in the group's ability to deliver on its ambitious strategic growth plans."
Shares in Hill & Smith were down 1.5% to 1,196.00 pence each in London on Monday morning.
By Sophie Rose; sophierose@alliancenews.com
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Hill & Smith (HILS)