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Hill & Smith ups guidance as boss announces departure
StockMarketWire.com
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Street and roadside furniture manufacturer Hill & Smith lifted guidance for the full year after it said operating profit would be 'slightly ahead' of the top end of forecasts.
Consensus analyst forecasts for 2020 operating profit range between £61.6 million and £64.7 million.
In a statement on Thursday, Hill & Smith reiterated that 'medium term guidance remains difficult' given the continuing uncertainties arising from the Covid-19 pandemic.
But assuming end markets continue to remain open, the company now believes it will narrowly outperform expectations.
Hill & Smith painted a positive picture of future growth opportunities across the portfolio but flagged the likely surge in government stimulus through investment in infrastructure schemes as a particularly encouraging backcloth. The update from the company comes as its chief executive Derek Muir announced his decision to stand down from the board today after 14 years at the company, to be succeeded by Paul Simmons.
'It has been an honour and a privilege to lead Hill & Smith over the past 14 years, and I wish Paul and the board well as they take Hill & Smith through its next phase of growth', the outgoing boss said.
At 9:13am: (LON:HILS) Hill Smith Holdings PLC share price was +24p at 1322p
Story provided by StockMarketWire.com
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