Ann: HILLS CONFIRMS OUTLOOK, page-2

	"HIL confirms guidance provided to the market on 18 February 2014 that, subject to audit, the Underlying NPAT attributable to owners for FY14 to be in the range of $26M-$28M albeit at the lower end"

Will come in on / slighly below consensus ($27.13m), but should be reasonably well received.

Given its large Consumer Discretionary exposure, good to see it came through the May/June post budget period OK, especially given the large number of downgrades in the CD space.

FY15 will be the first clean year of earnings for HIL (ex the Steel assets), so good to get the market focused on that now.

Trading on 12x FY15 NPAT, but would expect upgrades to FY15 to follow, based on recent acquisitions