Strong US results help drive record year at Hill & Smith

12th Mar 2024 07:21

(Sharecast News) - Infrastructure products and services provider Hill & Smith on Tuesday reported record annual results on the back of a strong performance from its US operations.

Operating profits for the year to December were up 26% to £122.5m on a 13% rise in revenue to £830m. Pre-tax profits increased 27% to £112m.

In a separate announcement, the company added that it had bought US firm FM Stainless for $8.25m (£6.6m).

Up to $0.5m is payable, conditional on financial performance targets in the year following acquisition.

FM Stainless, located in Ellijay, Georgia, makes stainless steel pipe supports, expansion anchors and fasteners principally for water and waste water.

Reporting by Frank Prenesti for Sharecast.com