Corporate: Hills delivers disappointing financials, but jumps 12pc as it promises better things next year
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The last financial year for med-tech distributor Hills (ASX:HIL) was worse than the previous year, but it jumped 12 per cent this morning as shareholders looked to the future.
It’s statutory loss after tax was $8.8m which it blamed mostly on one-off costs. But it told shareholders its underlying result was a net profit of $500,000 and promised to return to statutory profitability this financial year.
The business completed a review earlier this year and made some operational changes including ceasing to supply satellite dishes to Foxtel for hospital patients.
It boasted of success in its nurse call and patient engagement markets, noting its systems were in over 40 per cent of Australian public hospitals. It won four awards for distributor of the year.
CEO David Lenz told shareholders Hills expected a higher profit and to resume paying dividends next year.
“We are on the cusp of an exciting new period for Hills, with a simplified and focused business structure that will allow us to maximise the value of the company for our shareholders,” he said.
Experience Co (ASX:EXP) also jumped 12 per cent after reporting underlying earnings of $27.2m. Its final result however will be a $48.3m loss due to non-cash impairments. 192,179 skydives were made in the year. Chairman Bob East admitted the year was challenging but predicted new CEO John O’Sullivan would improve the business. O’Sullivan told shareholders he was also confident and this sector was one of the fastest growing in Australia.
Oneview Healthcare’s (ASX:ONE) results sent the stock up 5 per cent. Its loss of €867m ($1.4m) was an improvement from the previous year’s €10.73m loss. The company’s system was live in 33 per cent more beds than 12 months ago and it told shareholders it expects a busy deployment schedule in the months ahead.
Nuheara (ASX:NUH) made a $10m loss after tax and its revenue declined by 14 per cent to $4.48m. CEO Justin Miller said FY2019 had been a year of development and now the focus was on the path to market. “There is clearly a large unmet need for more accessible and personalised hearing solutions,” he said.