14th May 2014 09:44
LONDON (Alliance News) - Infrastructure products group Hill & Smith Holdings PLC Wednesday said it continues to trade in line with expectations in 2014, with strong demand across all its business arms.
The group has three reportable segments: Infrastructure Products - Roads; Infrastructure Products - Utilities; and Galvanizing Services.
Hill & Smith said demand for permanent and temporary road barriers in the UK continues to gain momentum as the Highways Agency escalates spending as part of its plan to increase investment in the strategic road network through to 2020.
In the US, Hill & Smith said trading for its composite materials operation, part of the utilities arm, remains strong, although improved profitability has been offset by a lower contribution from its transmission substations business, caused by severe weather-related issues at the start of the year.
The company said underlying galvanizing volumes were up 7% at April 30 compared with the same period a year earlier.
Financially, the firm said net debt increased to GBP101.3 million at April 30 compared with GBP87.1 million at December 31, "reflecting both the seasonality of working capital and the increasing level of capital investment in organic growth initiatives."
Hill & Smith, also said Wednesday that it has amended its syndicated revolving credit facility. The GBP210 million multi currency facility has been extended by three years April 2019.
The company will publish its half-year results for the period ended June 30 on August 5.
Hill & Smith shares were quoted down 0.4% at 562.50 pence Wednesday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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