Technology specialist Hills warns it will take more time for its businesses to achieve sustainable earnings growth after suffering an $86 million full year loss.
The company, better known for its Hills Hoist clotheslines, has spent three years re-inventing itself amid a decline of manufacturing in Australia.
Hills has shifted toward services and distribution, acquiring new companies and selling legacy businesses, and admits it has not handled all facets of the integration well.
The hospital and security technology devices maker posted a net loss of $85.9 million in 2014/15, down from a $24.8 million in the previous year.
Underlying profit, removing one-off items, dropped 60 per cent to $11 million.
Chief executive Grant Logan said the company's earnings now come from the technology and health sectors, where risks are substantially reduced.
"However, it will take further time to return the businesses to the profit levels we expect," he said.
The company's focus is on restoring operational performance, through improving customer engagement, staff training and margin improvement, Mr Logan said.
Growth throughout Australia and New Zealand through acquisitions will also be a priority, he said.
Hills shares dropped 3.5 cents, or eight per cent, to 40 cents.
RESTRUCTURE COSTS SEND HILLS INTO THE RED
* Net loss of $85.9m, down from $24.8m profit
* Revenue down 4.6pct at $427.8m
* No final dividend, down from 3.6 cents
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