Improved annual sales and profit for Hill & Smith
Transport infrastructure group Hill & Smith has reported improved sales and profits for last year.
Solihull-based Hill & Smith includes barriers business Hill & Smith Infrastructure at Springvale Business Park, which is based in Bilston.
Revenue rose 17 per cent to £732.1 million with pre-tax profit up 23 per cent to £87.9m.
Growth was significantly driven by its United States businesses which represented 64 per cent of group operating profit
Executive chairman Alan Giddins said: "Hill & Smith delivered a year of significant progress, particularly in our US-focused businesses. We also took material steps forward in improving the quality of the portfolio during the year, resulting in underlying profitability being ahead of market expectations.
"Looking forward, the group is exposed to a number of end markets which benefit from long term structural growth drivers. We expect to make further strategic progress in 2023 and are well positioned for the longer term."
The group has bought a US galvanising firm in a deal worth £9.4m.
Korns Galvanizing Company is located in Johnstown, Pennsylvania. Its customer base is spread across a wide range of infrastructure related markets, including commercial construction, fire protection, oil and gas and utilities.
Mr Giddins said: “The acquisition of Korns is in line with our strategy to undertake disciplined mergers and acquisitions with a focus on niche markets with excellent long term growth potential.
“The acquisition strengthens our presence in the growing US galvanising market, brings a complementary customer base and broadens the services we can offer to our existing customers. I am delighted to welcome Korns, a business we know well, and its employees to Hill & Smith.”
