Hills Ltd will be mired in red ink again in 2016-17 with the company warning that it would suffer a bottomline loss of between $6 million to $8 million even though chief executive David Lenz is ripping out $12 million in annualised costs.

The company, which has turned itself into a health technology, security surveillance and communications business after letting go of its famous Hills hoist clothesline and garden sprayers business, is also battling a sinking share price, which has tumbled to around 16.5¢, compared with 71¢ in mid-October, 2016. It was at $1.80 three years ago.