Interim Results

Hill & Smith Hldgs PLC
20 June 2000

                                INTERIM RESULTS

Hill  & Smith Holdings PLC ('Hill & Smith' or the 'Group'), the Midlands-based
engineering  group, announces its interim results for the  six  months  to  31
March 2000.

Key points

*  Turnover at £28.658m (1999: continuing operations £28.881m)

*  Pre-tax profit at £2.12m (1999: £1.13m)

*  £0.464m exceptional profit on sale of property

*  Earnings per share at 2.97p (1999: 3.59p)

*  Interim dividend unchanged at 2.1p

*  Gearing steady at 22.2% (1999: 22.1%)

*  New products and improved efficiency starting to redress adverse effect of
   sterling

*  Further selective acquisitions sought


David  Winterbottom, Chairman, said:  'Whilst reflecting the  consolidation of
our  business  into  its core profit streams and markets, these  results  also
illustrate  the  toughness of the markets in which we operate  at  this  time.
This was particularly evident in the middle of our half year but it is good to
report  that more recently, and into the current half year, orders  and  sales
are  in line with our expectations.  The much-vaunted strength of sterling has
advantaged competitive imported products and, particularly with Pipe Supports,
has adversely affected our export performance.

'The  combination  of  our  new  product offerings  and  improved  efficiency,
however, has begun to redress most of these difficulties.

'Gearing at 22.2% (1999: 22.1%) remains comfortable but is kept under constant
tight  review.   We remain in a strong position to develop the Group  further,
through  selective acquisitions to provide either new products or to  increase
the market penetration of our traditional products.  During the half year,  we
invested in Pipe Supports Asia, which is now an 80% owned subsidiary.

'The   second  half  of  the  year  has  started  in  line  with  the  Board's
expectations.   Whilst  sterling remains strong against  European  currencies,
business will be tough.  Given no adverse movements in economic conditions,  I
am  confident that we will be able to report further progress at the full year
end.'


For further information, please contact:

Hill & Smith Holdings PLC                                   Tel: [phone]
David Winterbottom, Chairman
David Grove, Chief Executive and Deputy Chairman

Rawlings Financial PR Limited                               Tel: [phone]
John Rawlings
Catriona Valentine



                             CHAIRMAN'S STATEMENT

Results

I  am  pleased to  report the  interim  results for the six months to 31 March
2000.

Whilst  reflecting  the consolidation of our business  into  its  core  profit
streams  and  markets,  these results also illustrate  the  toughness  of  the
markets  in  which we operate at this time.  This was particularly evident  in
the  middle of our half year but it is good to report that more recently,  and
into  the  current  half  year,  orders  and  sales  are  in  line  with   our
expectations.    The   much-vaunted  strength  of  sterling   has   advantaged
competitive  imported  products  and, particularly  with  Pipe  Supports,  has
adversely affected our export performance.

The combination of our new product offerings and improved efficiency, however,
has begun to redress most of these difficulties.

Profit  before tax, at £2.12m, has increased by 88% (1999: £1.13m).   Although
we  had profits on sale of property of £0.464m, our operating profit was  down
at  £1.956m  (1999: £2.426m) and my comments above refer to this.   Therefore,
when  calculated on an IIMR basis, earnings per share fell to 2.97p per  share
(1999:  3.59p per share).  On an FRS3 basis, which does not exclude the effect
of  capital  items, earnings per share rose substantially to 4.17p  per  share
(1999: 1.32p per share).

Operations

Our   major  businesses,  involving  road  furniture  and  lintels,  performed
satisfactorily  in  the half year and we are continuing to invest  in  product
development  in  these  areas.   Varioguard, which  was  launched  last  year,
continues to expand its rental activity in the temporary barrier and  roadwork
zone  protection market.  As a result, further investment in our rental  fleet
was made in the half year.

Significant  efforts have been put into developing Pipe Supports as  a  global
business,  during  the  last year.  Its overseas operations  in  the  USA  and
Thailand are both developing successfully and are ahead of expectations.   The
UK operation is, however, being down-sized as a result of lower volumes, which
are affected by the strength of sterling.

We  are  continuing to review the costs of manufacturing throughout the  Group
and  capital  spend in this area will be significantly higher in  the  current
financial year.  This increased spend will not benefit our profits until  next
year.

Growth  by acquisition remains part of our strategic objectives and two  small
bolt-on purchases have been made after the half year end, the details of which
have already been announced.

Gearing

Cash  flow  remains  strong but deliberate decisions were  taken  to  increase
stocks,  particularly of steel which was purchased at low prices in  a  rising
market.   Debtors rose but this was largely a comparative position, reflecting
increased trading levels in the latter part of the half year.

Gearing  at 22.2% (1999: 22.1%) remains comfortable but is kept under constant
tight  review.   We remain in a strong position to develop the Group  further,
through  selective acquisitions to provide either new products or to  increase
the market penetration of our traditional products.  During the half year,  we
invested in Pipe Supports Asia, which is now an 80% owned subsidiary.

Dividends

The  Board  has  reviewed  the dividend policy in the context  of  shareholder
expectations  and  the need to develop the business.  An interim  dividend  of
2.1p  per  share  (1999: 2.1p) has been recommended, giving slightly  enhanced
dividend cover of 1.9 times (1999 full year: 1.4 times).

Outlook

The second half of the year has started in line with the Board's expectations.
Whilst  sterling remains strong against European currencies, business will  be
tough.  Given no adverse movements in economic conditions, I am confident that
we will be able to report further progress at the full year end.

David S Winterbottom
Chairman
20 June 2000



GROUP PROFIT AND LOSS ACCOUNT (unaudited)
For the six months ended 31 March 2000
                                          
                   6 months         6 months to               Year to
                         to        31 March 1999         31 September 1999
                   31 March  Contin- Discon-          Contin- Discon-
                       2000     uing  tinued   Total     uing  tinued   Total
                       £000     £000    £000    £000     £000    £000    £000
    
Turnover             28,658   28,881   4,416  33,297   56,505   5,435  61,940
                     ======   ======  ======  ======   ======  ======  ======

Operating profit      1,956    2,468     (42)  2,426    4,820     (42)  4,778

Exceptional items:    
Sale of businesses        -        -    (900)   (900)       -    (539)   (539)
Profit on sale of   
property                464        -       -       -        -       -       -
                     ------   ------  ------  ------   ------  ------  ------
Profit before     
interest              2,420    2,468    (942)  1,526    4,820    (581)  4,239
                                                                             
Interest                302                      396                      677
                     ------                   ------                   ------

Profit before tax     2,118                    1,130                    3,562
 
Taxation                495                      609                    1,269

Profit attributable
to shareholders       1,623                      521                    2,293
                     ======                   ======                   ======


Dividend per       
share                   2.1p                     2.1p                     4.2p
                                                                              
Amount absorbed by
above dividend          815                      832                    1,635
                     ------                   ------                   ------
Earnings per share 
net basis FRS3         4.17p                    1.32p                    5.82p
                                                                              
Earnings per share 
net basis IIMR         2.97p                    3.59p                    7.01p
                     ------                   ------                   ------

Dividend cover         1.99                     0.63                     1.40



CONSOLIDATED BALANCE SHEET (unaudited)
As at 31 March 2000

                                           As at         As at          As at
                                        31 March      31 March   30 September
                                            2000          1999           1999
                                            £000          £000           £000
                                                                 
Fixed assets                              21,159        20,129         22,186
                                                                 
Stocks                                     8,157         7,574          6,624
                                                                 
Debtors                                   16,435        17,976         14,248
                                                                 
Creditors                                (13,926)      (15,168)       (13,551)
                                                                 
Corporation tax                           (1,251)         (425)          (359)
                                                                 
Dividend                                  (1,633)       (1,663)        (1,635)
                                                                 
Net borrowings                            (5,248)       (5,151)        (4,433)
                                          ------        ------         ------
Net assets                                23,693        23,272         23,080
                                          ======        ======         ======
                                                                 
Shareholders' Funds                       23,693        23,272         23,080
                                          ======        ======         ======
                                                                 
Gearing                                    22.2%         22.1%          19.2%



CONSOLIDATED CASH FLOW STATEMENT (unaudited)
For the six months ended 31 March 2000

                                     6 months to   6 months to        Year to
                                        31 March      31 March   30 September
                                            2000          1999           1999
                                            £000          £000           £000
                                                                  
Net cash inflow from operating                                    
activities                                  (287)        4,923          8,851
                                                                  
Returns on investment/service                                     
of finance                                  (302)         (397)          (677)
                                                                  
Taxation                                     397          (180)          (748)
                                                                  
Capital realisation                        1,413         4,118          4,172
                                                                  
Capital expenditure                        (840)        (1,107)        (1,987)
                                                                  
Acquisitions and disposals                 (184)            (1)        (1,552)
                                                                  
Equity dividends paid                      (817)             -           (831)
                                                                  
Financing                                (2,637)        (1,252)        (1,825)
                                         ------         ------         ------
Increase/(decrease) in cash              (3,257)         6,104          5,403
                                         ======         ======         ======

Reconciliation of operating profit to net cash inflows

Operating profit                          1,956          2,426          4,778
                                                                  
Depreciation                                953            946          1,922
                                                                  
Stock                                    (1,504)         2,040          2,259
                                                                  
Debtors                                  (1,954)         1,042          1,639
                                                                  
Creditors/provisions                        262         (1,531)        (1,747)
                                         ------         ------         ------
                                           (287)         4,923          8,851
                                         ======         ======         ======


The  financial information for the year ended 30 September 1999 is an abridged
version  of the accounts.  Full Group accounts for 1999, on which the Auditors
gave an unqualified report, have been filed with the Registrar of Companies.

Copies  of  the  Interim  Report will be sent  to  Shareholders  and  will  be
available from the registered office at Springvale Business & Industrial Park,
Bilston, West Midlands, WV14 0QL.

Payment  of  interim  dividend  2 October 2000  (exdividend date 24 July 2000,
record date 28 July 2000).