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LONDON - Hill & Smith PLC, a provider of infrastructure resilience solutions, announced Wednesday it is commencing a £100 million share buyback program expected to be completed by March 31, 2027.
The company plans to reduce its share capital by canceling the ordinary shares purchased through the program. The decision follows an assessment of capital requirements for organic growth, acquisitions, and dividends, as outlined in the Group’s Interim Results for the six months ended June 30, 2025, also released today.
According to the company’s statement, the buyback reflects the board’s confidence in the strength of the Group’s balance sheet and cash generation capabilities, while maintaining its target leverage range of 1-2x.
The program will initially operate under shareholder authorization granted at the Annual General Meeting on May 22, 2025, which expires at the next Annual General Meeting in 2026 or by August 22, 2026. Continued purchases after this date will require new shareholder approval.
Hill & Smith has engaged its joint brokers, Numis Securities Limited and Jefferies International Limited, to execute the program through non-discretionary market purchases. Each broker will handle £50 million of the buyback, with Numis Securities conducting the first tranche.
The maximum number of shares currently eligible for repurchase under the program is 4,023,960, based on the current shareholder authorization.
The buyback will be conducted on the London Stock Exchange (LON:LSEG) and other trading venues in compliance with relevant market regulations, according to the press release statement.
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