Hills Limited (ASX: HIL) announced today its FY2019 results.
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Statutory loss of $8.8 million as a result of one-off provisions and costs of $7.7 million related to the Distribution business restructuring and a non-cash impairment of $6.5 million of intangibles and non-current assets following a review of asset carrying values.
Improved underlying net profit1 after tax of $0.5 million compared with the prior year of $0.1 million.
Continued momentum of Hills Health Solutions, with 49 per cent year-on-year EBITDA2 growth.
4 per cent reduction in operating expenses to $80.9 million.
Completion of Operating Review and ongoing Strategic Review to position Hills Distribution to return to profit in FY20.