8th Aug 2024 14:40
Hill & Smith PLC - Solihull, West Midlands-based provider of infrastructure products - Buys Trident Industries LLC for up to USD46.0 million in cash, including an initial payment of USD13.5 million and deferred cash of up to USD32.5 million based on Trident's revenue over the next five years. Trident is based in the US state of Illinois, and the existing management team will remain in place. It is a designer and supplier of composite utility poles, serving utilities in North America and the Caribbean. In 2023, Trident reported adjusted earnings of USD5.7 million on USD23.3 million in revenue. "Trident is a business we have known and worked with for many years and is an excellent fit with our existing US composites business," says Hill & Smith Executive Chair Alan Giddins.
Hill & Smith also reports half-year results. Pretax profit is GBP57.8 million in the six months that ended June 20, up 20% from GBP48.2 million a year before, as revenue edges up 0.4% to GBP422.7 million from GBP420.8 million. The company declares a 16.5 pence dividend, up 10% from 15.0p a year before. Looking ahead to all of 2024, Hill & Smith says operating profit will be in line with recently upgraded market consensus of GBP137.4 million. This would be up 12% from GBP122.5 million in 2023.
Current stock price: 2,110.00p, down 2.3% in London on Thursday
12-month change: up 34%
By Tom Waite, Alliance News editor
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