TTI Net Profit Jumps 22.0% as Sales Hit Record Levels in the First Half 2013
HONG KONG, Aug. 21, 2013
HONG KONG, Aug. 21, 2013 /PRNewswire/ -- Hong Kong-based global power
equipment and floor care company Techtronic Industries Co. Ltd. ("TTI"/ The
Group) (stock code: 669, ADR symbol: TTNDY) announced that it achieved record
sales and profits, with gross margin increasing for the sixth consecutive
period. In the first half of 2013, the Group's net profit attributable to
shareholders reached US$118 million, a 22.0% increase over the first half of
2012. Basic earnings per share were US6.43 cents, 13.0% higher than the same
period last year. Group sales rose by 10.1% over the six months to US$2,042
million. The balance sheet remains strong with solid improvements in gearing
and working capital as a percentage of sales when compared to the same period
Mr. Joseph Galli, CEO of TTI , commented, "This exceptional performance is
driven by a continuous flow of innovative new product introductions, category
expansion, product mix and a relentless focus on operational efficiency."
The improvement in gross margin was driven by innovative new products, further
investment in developing the Company's lithium strategy, category expansion,
product mix, and manufacturing and supply chain efficiencies. Strong sales
growth in the Group's core businesses was achieved across all key regions
including North America, Europe and Australia.
Mr. Horst Pudwill, Chairman of TTI , said "Our powerful new product
development machine has put TTI in a position to continue growing and driving
profitability to new levels. We look forward to delivering strong sales and
profit growth in the second half and beyond."
- End -
Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990,
TTI is a world-class leader in quality consumer, professional and industrial
products marketed to the home improvement, hardware, and construction
industries. An unrelenting strategic focus on Powerful Brands, Innovative
Products, Exceptional People, and Operational Excellence drives our success.
TTI's powerful brand portfolio includes MILWAUKEE®, AEG® and RYOBI® power
tools, accessories and hand tools, RYOBI® and HOMELITE® outdoor products, and
HOOVER®, DIRT DEVIL® and VAX® floor care and appliances.
TTI is one of the constituent stocks of MSCI AC Asia Pacific Small Cap index
under the MSCI Global Small Cap index. The Company is also one of the
constituents on the Hang Seng Consumer Goods Index under the Hang Seng
Composite Industry Index, the FTSE Multinational Hong Kong Index and the FTSE
Hong Kong Mid Cap Index. For more information, please visit www.ttigroup.com .
All trademarks are intellectual property of their respective owners and are
protected under trademark law. AEG ® is a registered trademark and its use is
pursuant to a License granted by AB Electrolux (publ). RYOBI ® is a registered
trademark and its use is pursuant to a License granted by Ryobi Limited.
Contact: Techtronic Industries Co. Ltd., Isabella Chan, +(852) 2402 6495,
email@example.com; Strategic Financial Relations Limited, Veron Ng,
+(852) 2864 4831, firstname.lastname@example.org; Ming Chan, +(852) 2864 4892,
email@example.com; Sadie Lam, +(852) 2864 4861, firstname.lastname@example.org, Fax
+(852) 2527 1196
Press spacebar to pause and continue. Press esc to stop.