LONDON (Alliance News) - Hill & Smith Holdings PLC Tuesday said it has traded ahead of expectations in the first four months of 2016, with revenue up 2% after adjusting for currency translation, acquisitions and disposals.
In a statement ahead of its annual general meeting the infrastructure products and galvanising services company said its revenue in the four months to end-April was GBP163.1 million, up from GBP153.2 million.
In infrastructure, the UK government's Road Investment Strategy continues to be implemented in line with Hill & Smith's expectations, and demand for temporary safety barriers is strong. Order intake has "remained encouraging" for variable message signs, the company said.
In utilities demand patterns were below those of the previous year, Hill & Smith said, although order intake has been good and current backlogs support a "much improved" second and third quarter of the year.
Galvanising volumes were 10% ahead in the period, as solar and wider infrastructure markets continued to drive a strong performance in the US. Whilst volumes improved "marginally" in France economic conditions remained subdued.
"The group has delivered a strong start to the year despite mixed end market conditions. Although some markets are expected to remain challenging, 2016 is again expected to be a year of good progress," said Chief Executive Derek Muir in a statement.
Hill & Smith will report its first half results August 4.
Shares in Hill & Smith were up 4.3% at 928.40 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Hill & Smith (HILS)