Hills Industries, best known for manufacturing the Australian icon the Hills Hoist has announced a net profit of $40.2 million for the year ended June 30 up 43.3 percent.
Hills Industries, while known for their Hills Hoist product, is a diversified manufacturer broken down into three broad divisions. Hills industries product lines include Hills branded products (such as childrens play equipment and the afformentioned Hills Hoist), Oldfields and Bailey ladders, as well as building products that include guttering and security doors in addition to a range of electronic equipment including optical fibre for industrial use and DGTEC AV equipment for consumers.
Hills Industries profit after tax including write downs shows where the FY09 restructure hit the bottom line, with net profit after write downs up 322.8 percent over the 2008/9 financial year due to the costs associated with the Hills Industries group restructure.
Hills Chairman, Ms Jennifer Hill-Ling, said the 43.3 percent improvement in net operating profit after tax for the year ended 30 June 2010 was towards the upper end of guidance provided to the market by the Hills Industries in February 2010.
“This is a pleasing result. Whilst trading conditions were somewhat improved over the prior year, they still remained quite difficult in some market sectors,” Ms Hill-Ling said.
“Importantly for Hills, our earnings uplift, achieved despite lower revenue, reflects both the diverse nature of our operations and the significant initiatives undertaken across the Group businesses in the previous financial year,” she said.
Hills Managing Director, Mr. Graham Twartz, noted that the improved full-year operating result on lower revenue continued the trend of the first half of the FY10 financial year.
“As previously forecast, the continuing subdued level of commercial activity across most of Australia impacted on our Building and Industrial Products division’s earnings performance, which nevertheless was strong in FY10,” Mr Twartz said
