Shirley-based engineering group Hill & Smith (www.hill-smith.co.uk) reports that it has increased its pre-tax profits by £15 million and delivered a record set of results, with revenues up by 16% (to £540.1 million) in 2016, and pre-tax profits up by 45% (to £48.3 million).

Chief executive Derek Muir said there is more to come from the group, and he expects 2017 to be “a year of progress”.

He added: “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 of our businesses in their respective markets.

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

Meanwhile, chairman Bill Whiteley has announced that he will stand down at the AGM in May (to be replaced by Jock Lennox, who has been a non-executive director since 2009).

Mr 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.”