Hill & Smith accelerates despite bumps in roads

FTSE 250 infrastructure products business Hill & Smith (LON:HILS) saw its share price climb by 5.5% to 1,452p (as of 14:20 GMT) after revenues for 2019 rose by 9%. Statutory underlying profits were up by 6% despite losses in its Scandinavian roads segment as the firm continued to invest in higher return markets.

Chief executive Derek Muir said: “We are pleased with the Group’s overall performance in 2019. We have seen strong progress in our UK and US markets, which represent the majority of our activities, where the Group continues to benefit from its leading positions in niche infrastructure markets, its clear business model and financial strength. Together these create the platform from which the Group is capable of delivering long term and sustainable growth.

“Our outlook for 2020 remains unchanged and, whilst we may see some short-term delays in the commencement of UK roads projects across the transition from RIS 1 to RIS 2, we expect another year of good progress for the Group“.