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Hill & Smith Holdings PLC on Monday said that Chief Executive Officer Paul Simmons plans to step down immediately.
Simmons joined the Solihull, England-based infrastructure company as CEO back in September 2020.
Hill & Smith said that Non-Executive Chair Alan Giddins will take over as interim executive chair until a permanent replacement CEO is appointed.
The process to find a permanent CEO is now underway, it added.
In addition, Hill & Smith said that trading in the first half of 2022 has been ‘positive’, with revenue of around £397 million and underlying profit of about £48 million. Both are up approximately 10% from last year on a constant currency basis.
The board also confirmed it forecasts full year results remain in line with expectations, with current foreign exchange rates providing potential outperformance.
Giddins said: ‘The group is well-placed to benefit from strong market growth drivers, improving margins, portfolio optimisation and robust cash generation. Working together with Hill & Smith's senior management team the board is confident in the group's ability to deliver on its ambitious strategic growth plans.’
Shares in Hill & Smith were down 1.5% to 1,196.00 pence each in London on Monday morning.
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