We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hill & Smith Plc | LSE:HILS | London | Ordinary Share | GB0004270301 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-22.00 | -1.15% | 1,894.00 | 1,896.00 | 1,904.00 | 1,914.00 | 1,894.00 | 1,904.00 | 23,128 | 11:24:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Fabricated Structural Metal | 829.8M | 68.8M | 0.8582 | 22.26 | 1.53B |
TIDMHILS
RNS Number : 9858V
Hill & Smith PLC
12 April 2023
Hill & Smith PLC (the 'Company')
2022 Annual Report and Notice of 2023 Annual General Meeting ('AGM')
Hill & Smith PLC has posted, or otherwise notified as being available on its website (www.hsgroup.com), the Notice of its 2023 AGM. The 2022 Annual Report was posted to shareholders, or otherwise notified as being made available on its website on 11 April 2023.
In accordance with Listing Rule 9.6.1 a copy of each of these documents has been uploaded to the National Storage Mechanism and will be available for viewing shortly.
A hard copy of the 2022 Annual Report can be obtained upon request to the Group Company Secretary, Hill & Smith PLC, Westhaven House, Arleston Way, Shirley, Solihull B90 4LH.
The statutory accounts for the year ended 31 December 2022 have been approved by the Board and will be delivered to the Registrar of Companies following the Company's AGM.
Compliance with Disclosure and Transparency Rule 6.3.5 ('DTR 6.3.5') - Extracts from the 2022 Annual Report
The information below, headed as Appendix A, B and C, and which is extracted from the 2022 Annual Report, is included solely for the purpose of complying with DTR 6.3.5 and the requirements it imposes on how to make public Annual Financial Reports. It should be read in conjunction with the Company's Preliminary Announcement issued on 8 March 2023 (available at www.hsgroup.com). Together these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the full 2022 Annual Report. All page numbers and cross-references in the extracted information below refer to page numbers in the 2022 Annual Report.
Appendix A - Principal Risks and Uncertainties
Risk: Reduction in public infrastructure spending Trend Description and potential Mitigation No change impact * Our existing entity portfolio contains diverse Demand for sustainable products, markets and territories and we will infrastructure and transport is continue with this approach. underpinned by Government spending plans. Changes to these plans * Market and product development initiatives. could have a detrimental impact on Group revenues. * Co-operation between Group businesses, leveraging the The Infrastructure Investment Group's size/international footprint and exploiting and Jobs Act ('IIJA'), enacted synergies. into law in November 2021, confirmed a substantial increase in US * Exposure to the benefits from longer term federal government spending infrastructure investment programmes. across a range of infrastructure areas and is likely to benefit demand for the Group's products and services in the US. Despite the current macro-economic uncertainty and recent delays in strategic road network projects, we are confident the UK Government are committed to the Road Investment Strategy, presenting future opportunity for our UK roads businesses. -------------------------------- ----------------------------------------------------------------- Risk: Changes in global outlook and geopolitical environment Trend Description and potential Mitigation Slightly higher impact * The Group has a diverse portfolio of operating The Group operates in a range companies with exposure to a range of markets and of end-user markets around the geographies, limiting exposure to any one country or world and may be affected by market sector. political, economic or regulatory developments in any of these countries. * Current and future financial performance is continuously monitored, facilitating rapid response Material adverse changes in the to changes in market conditions. political and economic environments in the countries in which * In line with our entrepreneurial model, our decisions we operate, have the potential are made close to our markets and our businesses are to put at risk our ability to agile and responsive to changes in their competitive execute our strategy. landscape. As a result of continued global macro-economic uncertainty and * Co-operation between Group businesses, leveraging the the threat of recession, an Group's size/international footprint and exploiting increase in the risk has been synergies. recognised. -------------------------------- ----------------------------------------------------------------- Risk: Increase in competitive pressure Trend Description and potential impact Mitigation No change Increased volatility, * Holding leading positions in niche markets of uncertainty and slowdown in our sustainable infrastructure and transport safety with markets could result in high barriers to entry. increased prices and the emergence of new technologies, leading to a loss * In line with our entrepreneurial model, our decision of customers and/or pricing s pressure are made close to our markets and our businesses are and consequently a loss of sales agile and responsive to changes in their competitive and reduced profits. landscape. * Our operating companies aim to provide superior products and high service levels to customers, whils t aiming to ensure there is no dependency on any one customer. -------------------------------- ----------------------------------------------------------------- Risk: Product failure Trend Description and potential Mitigation No change impact * Products tested, approved and accredited by The Group operates in regulatory bodies. infrastructure markets where it is critical that its products meet customer * Quality control protocols fully implemented and and legislative requirements continuously monitored. and where the consequences of product failure are potentially significant. * Contractual controls in place to minimise economic impacts. Product failure arising from component defects or warranty issues may require remediation * Insurance cover maintained globally with insurance including the replacement of partners. defective components or complete products, resulting in direct * Litigation supported/managed by external legal financial costs to the Group specialists. and/or wider reputational risk. -------------------------------- ----------------------------------------------------------------- Risk: Contractual failure Trend Description and potential Mitigation No change impact * Thematic Internal Audit review completed across the The Group delivers its Group during 2021 with recommendations implemented commitments to its customers during 2022. through a variety of contractual arrangements of both a short and medium term * Group material contract review process ensures nature. specialist central oversight of key contractual arrangements. Weaknesses in the contract tendering process, inappropriate pricing, * Contracts training for key staff.
misalignment of contract terms, ineffective contract management or failure to comply * Dedicated quantity surveyors and contract managers in with contractual conditions operating companies to control contracts and mitigate could risk. result in loss of revenues, pressure on operating margins and wider reputational damage * Litigation supported/managed by external legal to specialists. the Group. * Insurance cover maintained globally with insurance partners. -------------------------------- ----------------------------------------------------------------- Risk: Supply chain failure Trend Description and potential Mitigation No change impact * Supply chain resilience has been a focus of the Risk The Group's businesses depend Committee during 2022 with ongoing monitoring of on the availability and timely operating companies' ability to respond to the delivery of raw materials and continued challenges. components, which could be affected by disruption in its supply chain. Supply chain * Group wide thematic Internal Audit review of Supply failures Chain completed during 2022 with recommendations to because of performance, cost be implemented during 2023. inflation, quality and/or insolvency may have an adverse impact * Group procurement standards, including robust due on the Group's production diligence of supply chain partners and the capacity and lead to an requirement for dual sourcing where available. inability to meet customer requirements, resulting in a reduction in * Regular interaction and assessment of performance/ revenues, potential loss of financial status of key suppliers. market share and possible reputational damage. * Group oversight of material procurement contracts ensuring robust contractual protections. Global warming could place further stress on our supply chain, with extreme weather * Goods inwards and stock management processes in place events to reduce the likelihood of defects or a shortage of impacting supply becoming more raw materials. likely and chronic changes to heat/ rainfall averages potentially * Contingency plans in place throughout the supply impacting where we source chain, such as purchasing additional stock of key raw certain materials. Climate materials and securing additional supply chain change transition costs could capacity. also inflate the price of the goods we purchase. During the year, our operating companies continued to take appropriate action to manage supply chain headwinds. Actions taken included implementing price increases to offset significant input cost inflation, securing supply of raw materials and ensuring the continuity of operations with a backdrop of labour shortages in certain businesses. -------------------------------- ----------------------------------------------------------------- Risk: IT systems failure Trend Description and potential Mitigation Slightly higher impact * The Board maintains a watching brief on IT and cyber The Group relies on the risk, and has overseen significant investment across information technology systems the Group to enhance IT security controls and used in the daily operations of maturity covering areas such as identity management, its IT asset management, backup, endpoint protection, operating companies. A failure incident response and vulnerability management. or impairment of those systems or any inability to effectively implement new systems could * Wholesale network security improvements planned for cause a loss of business and/or 2023. damage to the reputation of the Group, together with significant remedial costs. * IT controls manual setting out a robust set of information security controls covering basic cyber Poor security controls and hygiene, system back-up procedures and hardware/ procedures could lead to our software protection. Reviews of IT controls operating companies being compliance were completed by Internal Audit during susceptible 2022, with action plans agreed and monitored. to cyberattack, potentially resulting in significant IT failure and associated * Quarterly updates established to brief operating disruption. company leadership teams on their responsibilities relating to IT management and information security. During the year the global cyber threat has continued to evolve, with increasing numbers * Segregated business processing systems within each of operating company means that any disruption due to organised criminal groups illegal external activity is unlikely to jeopardise undertaking increasingly the Group as a whole. sophisticated ransomware and other cyber attacks. As a result of the conflict in Ukraine the UK's National Cyber Security Centre ('NCSC') has warned of heightened cyber risk across UK, US and European businesses. While there has been a marked enhancement of the Group's IT security controls during 2022, the Board consider the risk to be heightened due to the increasing sophistication and frequency of cyber threats across the world. -------------------------------- ----------------------------------------------------------------- Risk: Portfolio management Trend Description and potential Mitigation No change impact * All potential acquisitions are tightly evaluated to The Group's growth strategies ensure they fit within our purpose and core strategic include the acquisition of goals. businesses around the world that complement or supplement its * Due diligence protocols deployed in relation to existing activities. Failure to assessment of target businesses, including financial, execute an effective commercial, and legal etc. acquisition and integration programme would have a significant impact on * Board approval required for Group acquisitions, in the Group's ability to generate line with the Group Board's Schedule of Matters sustainable profitable growth Reserved. for shareholders. * Contractual protections and assurances sought from sellers to mitigate subsequent identification of risks. * Post-acquisition integration plans established for
all acquisitions with regular performance monitoring and reporting to the Board. -------------------------------- ----------------------------------------------------------------- Risk: Lack of investment in product development and innovation Trend Description and potential Mitigation No change impact * Group wide Innovation Framework launched during 2021 The Group operates in global to encourage and stimulate more innovation across the infrastructure markets where Group. Workshops were run during 2022 to foster continuous innovation is innovation and share best practice and these will integral continue into 2023. to the Group's product offering and where a failure to innovate could result in product * Entrepreneurial culture fostered through a obsolescence, decentralised management structure, ensuring that the entry of new competitors Group businesses are agile and responsive to changes and/or loss of market share. in their competitive environments. The development of new products and technologies carries risk including the failure to * Acquisitions add innovate products and technology to develop a commercially viable our portfolio. offering within an acceptable timeframe. * Executive Board approval of product development proposals within the Group's capital spend approval policies. * Active Intellectual Property management within individual operating companies overseen by Group. * Dedicated quality compliance resources in place across operating companies, ensuring responsiveness to regulator and/or customer approval requirements. * Board monitoring of emerging risks alongside external specialist support, where both the risks identified and the potential opportunities arising are considered. -------------------------------- ----------------------------------------------------------------- Risk: Talent, development, diversity, recruitment and retention of key employees Trend Description and potential Mitigation Slightly lower impact * Two of our ESG focus areas (Talent development and The changing nature of the engagement & Diversity, and inclusion) directly demographics from which we address the risk, with improvement initiatives and source our employees and the metrics overseen by the ESG Committee. ways in which they like to work can make it difficult to attract * Refreshed People Strategy with a greater focus on and retain both skilled and internal talent. unskilled labour. We need to ensure effective recruitment channels * Group Head of Reward and Group Head of Talent roles and make the necessary recruited during 2022. investment to develop and retain high quality individuals in key * Contractual protections and retentions in employment positions to guarantee the long contracts of senior management and other key term employees. success of the business. We need to ensure the diversity of our workforce reflects the * Training and development of employees, which includes communities a programme of IOD and ILM courses for senior in which we work. Without management and identified potential successors, and talented employees we will be apprenticeship and other vocational courses for unable to deliver our strategic specialist and technical roles. aims. Competitive labour local * Appropriate remuneration and benefits, together with markets and the aftermath of bonus opportunities and incentive plans offered to COVID-19 led to challenging employees. recruitment conditions for our operating companies in the first half of * Recruitment process developed to include competency the year. In the second half of requirements and skills gap analysis. the year these pressures eased due to rising unemployment and a more difficult economic * Talent review process extended in scope to cover more climate, employees, increasing our visibility of talent. subsequently time to recruit and the number of vacancies across the Group have both reduced. The issue does remain though for certain skillsets that are more challenging to find and retain, e.g., Welders. Our senior leadership gender diversity has improved in 2022 to 20%, due to both internal promotions and external hires. An increased focus on engagement and corrective actions following the 2021 engagement survey has led to an improved score for the 2022 engagement survey, increasing from 55% to 61%. The process to find a permanent CEO is underway. Overall, a reduction in the risk has been recognised for the period. -------------------------------- ----------------------------------------------------------------- Risk: Prevention of harm or injury to people Trend Description and potential Mitigation No change impact * Culture of zero tolerance in respect of health & The Group is committed to safety violations promoted by the Board and preventing all health and disseminated throughout Group businesses. safety incidents and ensuring the health, safety and wellbeing of all * Reduction of the Group's LTI rates is a key focus for employees and third parties. Management and the Board, with improvement metrics The Group operates multiple now established through the ESG Committee. manufacturing facilities around the world, a failure in the Group's health & * Monthly health & safety reporting for all operating safety procedures could lead companies via online tools. to injury or to the death of employees or third parties. * Monitoring and review of LTI rates by Group with all LTIR has reduced from 1.7 in LTI events followed up and investigated thoroughly 2021 to 1.1 in 2022. Further using the 'five whys' root cause analysis and improvement is required to presented to the Exec Board. Improvement reach recommendations are implemented to minimise any the 2030 Health & Safety target reoccurrence. of 0.25 and health & safety remains a key focus area for the * Development and roll out (Jan 2023) of our 'nine Group. lifesaving rules' and 'non-negotiable safety behaviours' * Programme to add defibrillators to all sites commenced in 2022.
* Regular health & safety site audits. * Health & safety forums to monitor performance and share best practice. * External health & safety accreditations and relationships maintained with regulatory bodies. * Health & safety is a priority area of focus for new acquisitions. -------------------------------- ----------------------------------------------------------------- Risk: Violation of applicable laws and regulations Trend Description and potential Mitigation No change impact * Group Code of Conduct sets out required approach for The Group's global operations all staff. must comply with a range of national and international laws and regulations including those * Staff training provided on Modern Slavery red flags, related to modern slavery, Anti-Bribery and Corruption and Competition anti-bribery and corruption, compliance. human rights, and employment, GDPR, trade/export compliance and * Programme of audits undertaken on a cyclical basis to competition/anti-trust. review operating companies' compliance with regulatory requirements, including for example A failure to comply with any simulated 'dawn raids'. applicable laws and regulations could result in civil or criminal * Software solutions implemented globally to ensure liabilities and/ or individual compliance with trade and export legislation. or corporate fines and could also result in debarment from Government-related contracts, * Externally hosted whistleblowing hotline available to restrictions on ability to all employees to allow them to raise concerns in trade or rejection by financial confidence or anonymously, if preferred. counterparties as well as reputational damage. * Modern Slavery compliance programme continued through Our exposure to breaching 2022. sanctions placed on Russia is low due to no current direct Russian * Toolkits issued to all UK operating companies to aid customers or suppliers. Our compliance with GDPR. export compliance software performs daily screening of our customer and supplier databases against global sanctioned and denied party lists with any changes in status flagged. -------------------------------- -----------------------------------------------------------------
Appendix B - Responsibility Statement of the Directors pursuant to Disclosure and Transparency Rule 4
The following statement is extracted from page 116 of the 2022 Annual Report and is repeated here for the purposes of compliance with DTR 6.3.5. This statement relates solely to the 2022 Annual Report and is not connected to the extracted information set out in this announcement or the Preliminary Announcement.
We confirm that to the best of our knowledge
- the Financial Statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
- the Strategic Report includes a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
We consider the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
Appendix C - Related Party Transactions
The key management personnel are considered to be the Board of Directors of Hill & Smith PLC, whose remuneration can be seen in the Remuneration Committee Report on pages 92 to 104 and the members of the Executive Board who are not also Directors of the Group, and in the related party details on page 190 (note 15) of the 2022 Annual Report.
Alex Henderson
Company Secretary
Hill & Smith PLC
Tel: +44 (0) 121 704 7430
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
NOAGPURACUPWUBP
(END) Dow Jones Newswires
April 12, 2023 06:02 ET (10:02 GMT)
1 Year Hill & Smith Chart |
1 Month Hill & Smith Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions