Rejigged Hills Group Cashes Up
The once beleagured technology products distributor Hills Ltd says it has signed new finance facilities worth more than $50 million. The loans involved comprise a $36 million facility from Assetsecure, and $15 million from the Commonwealth Bank.
The company in April said pre-tax earnings in the second half of the 2015-16 financial year should be better than the $5.4 million it achieved in the first half.
Once famous as the producer of the Hills Hoist clothesline, Hills is now better known for distributing technology products including CCTV systems, security alarms and hospital communications systems.
It also handles a number of health products. It predicts the Internet of Things as a major growth opportunity for the company over the next three years.
Vendor partners include Genetec, Ruckus, Tyco and UTC. After what’s been described as a strict numbers-trimming exercise, Hills now has a head count of 673, compared with 2642 in FY 2012.