Hill & Smith PLC

Latest Results (15.04.2026):

Hill & Smith PLC — Full Year results for the year ended 31 December 2024 (FY2024). The Group delivered a record full-year performance with revenue of £855.1m, underlying operating profit of £143.5m and underlying EPS of 122.6p; results beat market expectations and management refreshed its operating model and financial targets for the medium term.

Headline results

Revenue £855.1m (+3% reported; +5% constant currency), underlying operating profit £143.5m (+17% reported; +20% cc) and underlying operating margin 16.8% (up 200bps vs 2023).

Earnings, dividend and shareholder returns

Underlying EPS 122.6p (+16% vs 2023). Board proposes final dividend 32.5p, taking total FY2024 dividend to 49.0p (up 14%). ROIC strengthened to 24.8% (2023: 22.0%).

Cash flow and balance sheet

Strong cash generation: underlying cash conversion 99%, free cash flow £108.6m. Net debt £96.9m at year-end and covenant net debt to EBITDA 0.3x, providing significant balance sheet flexibility.

M&A and portfolio actions

Four complementary US acquisitions in FY24 for aggregate expected consideration c.£58.5m (contributed ~£46m revenue and ~£10m underlying operating profit). Two non‑core, loss‑making businesses were divested in Q1 2025.

Segment and regional performance

US businesses drove performance (c.76% of Group underlying operating profit), with Engineered Solutions and Galvanizing Services delivering margin expansion; Roads & Security revenue fell but underlying profit improved.

Non‑underlying items & impairments

Total non‑underlying charges £28.1m (mainly non‑cash), including a £13.2m impairment related to the US message‑boards activity within H&S Inc.; amortisation of acquisition intangibles c.£9.9m.

Strategic update and targets

New CEO refreshed purpose and operating company framework; upgraded medium‑term financial targets include operating margin 18%, ROIC 22%, organic revenue growth 5–7% and total revenue growth (including acquisitions) 10%.

Outlook

Management is confident of continued progress in FY25: strong momentum expected in the US, cautious recovery hoped for in the UK, and continued active M&A to target structurally growing infrastructure and built‑environment markets.