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Hills Announce Restructure to Deliver Sustained Profitability

Market Update

Hills restructure to deliver sustained profitability

Further to the market update in May 2019, Hills Limited (ASX: HIL) has defined a path to long-term growth in profitability and shareholder returns.

Key points

  • Strategic Review recommends increased focus on growing Health business, which showed 50 per cent growth in EBITDA in FY2019 1
  • Focus on returning the streamlined Distribution business to profitability
  • Hills to exit underperforming Communications assets
  • FY2019 results to include one-off provisions and costs of $7.7 million related to Distribution business restructuring and non-cash impairment of approximately $6.5 million of intangibles and non-current assets following review of asset carrying values
  • FY2019 statutory loss of approximately $8.8 million after one-off provisions
  • In line with market guidance, a small underlying profit after tax of approximately $0.5 million for FY2019 compared with an underlying profit after tax of $0.1 million in FY2018 2
  • Board directors’ fees reduced
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