Hill & Smith Plc. (HILS.L, HSHPF) on Wednesday revealed higher profit in fiscal 2024, helped by strong performances from its US operations. The company raised its final dividend 14 percent from last year.
On the LSE, the stock is currently trading 13 percent higher at 1,959.34 pence.
The company posted pre-tax profit of 104.5 million pounds in fiscal 2024, up 12 percent from 93.2 million pounds a year ago. Underlying pre-tax profit was 132.6 million pounds, compared to 111.9 million pounds in fiscal 2023.
Hill & Smith, which provides sustainable infrastructure products and services, reported annual profit of 76.4 million pounds or 93.9 pence per share, higher than 68.8 million pounds or 85.0 pence per share last year.
On an underlying basis, profit rose to 98.6 million pounds or 121.1 pence per share from 84.3 million pounds or 104.1 pence per share in the previous year.
The company's revenues for the year were 855.1 million pounds, up 5 percent from last year's 829.8 million pounds. Revenues benefitted from strong organic growth in higher margin US Engineered Solutions and US Galvanizing businesses.
The company's Board is recommending a final dividend of 32.5 pence per share, making the total dividend for fiscal 2024 to 49.0 pence per share. This is 14 percent higher than last year's dividend of 43.0 pence per share. The final dividend, if approved, will be paid on July 4 to shareholders on the register on May 30.
Looking ahead, in fiscal 2025, the company expects organic revenue growth in the 5-7 percent range. Total revenue growth, including acquisitions is expected to be more than 10 percent.
The company also raised its operating profit margin to 18 percent from the earlier 15 percent.
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