- Industrial supply company Hill & Smith Holdings increased its underlying operating profit despite a fall in revenue in the four months to 31 October 2020.

In a trading update, the company reported revenues of £235.3 million for the period to 31 October 2020, down 3% on the same period last year.

Despite this, underlying operating profit was ahead of the prior year, Hills & Smith said, due to improved margins and tight cost control across the group's three divisions.

The company added that it was cash generative and had a 'strong liquidity headroom position'.

Net debt as at 31 October 2020 was £158.1 million, compared with £195.4 million as at 30 June 2020. In addition, the group had £219.1 million of headroom against its borrowing facilities of £348.4 million.

In addition, CEO Derek Muir officially leaves the company today, to be replaced by Paul Simmons.

Simmons said: 'I am encouraged by the robust trading performance during the period, with the group benefitting from our positions in non-discretionary markets and have been impressed by the dedication and continued resolve of our people during these challenging times.'

At 2:36pm: [LON:HILS] Hill Smith Holdings PLC share price was +41p at 1339p

Story provided by