- Hill & Smith Holdings posts record results for the year to the end of December and sees a positive 2017 outlook in major end markets.

The group also announced that chairman Bill Whiteley would step down at the annual general meeting in May with Jock Lennox, an experienced non-executive director, taking over the role from the conclusion of the AGM.

Whiteley said: "Over the last seven years Hill & Smith has developed into a leading international player in its chosen markets and more recently has entered the FTSE 250.

"It has been a privilege to be part of such a successful company and I leave behind a very strong and entrepreneurial management team.

"I am delighted that Jock is succeeding me as Chairman to lead the next stage of the group's growth."

The group reported record revenue and underlying earnings in 2016 with improved returns driven by strong end markets and active portfolio management.

Revenues rose to £540.1m - up 16% on a reported basis and 9% at constant currencies - while underlying profit before taxation of £68.0m was 28% up on a reported basis and 18% up at constant currencies.

Chief executive Derek Muir said: "Hill & Smith has delivered its best ever trading performance in 2016 with infrastructure spending in our key UK and US markets remaining strong.

"Our performance continues to be underpinned by our tried and tested strategy of international diversity together with the leading positions our businesses hold in their respective markets.

"Rising infrastructure investment, together with our focus on active portfolio management to drive shareholder value, resulted in record returns.

"Overall, despite political and macro-economic uncertainties, 2017 is again expected to be a year of progress."

At 8:11am: [LON:HILS] Hill Smith Holdings PLC share price was +60p at 1210p

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