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Hill & Smith - Results trigger eps forecast upgrades

May 2015

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares have soared almost £1 since our NAP tip three months ago after results triggered a 5% eps upgrade. Revenues grew 5% in constant currency to £455m, while pretax profit rose almost 12% to £45.3m. Eps rose 11.2% to 43.4p beating Investec’s forecast of 41.2p. Net debt increased £9m to £96m (1.5x EBITDA) reflecting increased investment.Galvanising grew operating profit 10% at constant currency to £26.7m mainly due to its US side, which grew volumes 14% year-on-year, with a very strong H2 (+25% y-o-y). France was flat and the UK grew 9%, helped by two acquisitions.Infrastructure roads grew profits 13% to £13.3m thanks to improved utilisation for its crash barriers, while ut ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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Hill & Smith - Results trigger eps forecast upgrades

May 2015

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