Hills Limited (ASX:HIL) announced its FY18 first half results today, which are in line with the guidance provided at the Company’s AGM in November 2017.
Financial Summary:
• Revenue declined by $21m, due primarily to exiting of unprofitable NBN satellite installation business ($13m) and shortfall in Antenna sales ($5m) due to the competitive Pay TV landscape.
• EBITDA of $3.6m represented a solid turnaround when allowing for the transition of Hills Home Living to AMES and the inventory impairment in the prior corresponding period.
• OPEX down $8.9m or 18% on the corresponding period and $4.8m or 11% lower than in second half of FY17.
• Net debt down $4.3m from 30 June 2017 to $15.7m.
• Significant turnaround in operating cash flow, up $8.1m on the prior
half year.
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