The Board of Hill & Smith Holdings PLC announces increased profits for the six
months ended 30 June 2006, reflecting a further significant improvement in the
Group's trading performance.
FINANCIAL HIGHLIGHTS:
- Profit before taxation £10.9m (2005: £8.5m) + 28.0 per cent
- Underlying profit before taxation* £9.9m (2005: £8.5m) + 16.5 per cent
- Underlying earnings per share* 11.32p (2005: 9.47p) + 19.5 per cent
- Dividend per share 3.00p (2005: 2.60p) + 15.4 per cent
- Dividend cover* 3.8 times (2005: 3.6 times)
* Based on profits before reorganisation and property items
Chairman David Winterbottom said: "The Group's core Infrastructure Products businesses performed ahead of expectations in the period, with operating profits of £8.8m being achieved (2005: £6.3m), including an excellent contribution of £1.4m from the Group's associated company Zinkinvent. The ongoing infrastructure spending in the UK continues to provide opportunities to generate additional revenue from our product portfolio, which is continually being expanded by rolling out new products."
Results include a first time contribution from Counters & Accessories Limited acquired in February.
The Group has also announced today that it is raising £28.0m before expenses by a Placing and Open Offer of new ordinary shares to provide further finance for acquisitions and investment.
Mr Winterbottom added "The Group is continuing to trade in line with our expectations and, in the absence of unforeseen circumstances, we anticipate being able to report another good performance for the year as a whole."
Copies of the interim report and the prospectus in relation to the Placing and Open Offer are being posted to shareholders today.
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