Strong pound, weak UK hit Hill & Smith revenue, profit
A stronger pound and weak UK trading hit revenue and operating profits at engineering firm Hill & Smith in the first four months of 2018, the company said on Thursday.
In a trading statement, Hill & Smith maintained its outlook for the year but said revenue fell to £185.1m from £191.3m year on year.
Since mid-March, the group had experienced improved order intake across its UK road and utilities businesses while continuing to record strong performances in both the US and French operations, the company added.
“Despite project delays and the weather-impacted start to the year in the UK, conditions across our principal markets continue to be favourable. Overall, despite political and macroeconomic uncertainties, the board reconfirms that its expectations for the full year remain unchanged, albeit with a greater second half bias,” said chief executive Derek Muir.