Hills posts FY profit, plans more acquisitions

Hills posted a profit of $24.8 million in the year to June 30 and plans to continue to purchase more security and healthcare technology businesses.

AAP reports that the company turned around the previous year’s loss of $94.1 million. In addition, it’s underlying profit increased by 42 per cent to $27.3 million. (This value excludes financing costs and significant items).

The company, which invented the iconic Hills Hoist clothesline, will continue to make household products, but will focus more on security and healthcare technology.

Hills chief executive officer Ted Pretty told the SMH that the company wants to now make some larger acquisitions; and has about $200 million to $300 million to do so.

"We are half the size but more profitable than we were when we started the restructure and transformation," he told AAP.

"We've morphed from this diversified holding company, where we had one of everything, to largely a technology company."

Signalling one of the areas in which the company wants to expand, he added, "The private health care market is growing very strongly in Australia,"