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Hill & Smith boosts profits through cost cutting
StockMarketWire.com
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Industrial supply company Hill & Smith Holdings increased its underlying operating profit despite a fall in revenue in the four months to 31 October 2020.
In a trading update, the company reported revenues of £235.3 million for the period to 31 October 2020, down 3% on the same period last year.
Despite this, underlying operating profit was ahead of the prior year, Hills & Smith said, due to improved margins and tight cost control across the group's three divisions.
The company added that it was cash generative and had a 'strong liquidity headroom position'.
Net debt as at 31 October 2020 was £158.1 million, compared with £195.4 million as at 30 June 2020. In addition, the group had £219.1 million of headroom against its borrowing facilities of £348.4 million.
In addition, CEO Derek Muir officially leaves the company today, to be replaced by Paul Simmons.
Simmons said: 'I am encouraged by the robust trading performance during the period, with the group benefitting from our positions in non-discretionary markets and have been impressed by the dedication and continued resolve of our people during these challenging times.'
At 2:36pm: (LON:HILS) Hill Smith Holdings PLC share price was +41p at 1339p
Story provided by StockMarketWire.com
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