Hill & Smith CEO resigns, H1 trading 'positive'

Infrastructure group Hill & Smith said on Monday that chief executive Paul Simmons had stepped down from the role with immediate effect.

Hill & Smith said Simmons will leave his employment with the group following a period of "garden leave".

Chairman Alan Giddins will take over as interim executive chair until a permanent replacement CEO can be appointed.

On a different note, the FTSE 250-listed firm said trading in the first half had been "positive", with revenues of roughly £397.0m and underlying operating profit of about £48.0m - both approximately 10% ahead of the previous year on a constant currency basis.

Hill & Smith confirmed that its full-year results remained in line with internal 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 and Smith's senior management team the board is confident in the group's ability to deliver on its ambitious strategic growth plans."

Reporting by Iain Gilbert at Sharecast.com