HONG KONG, 24 March 2011 /PRNewswire-Asia-FirstCall/ --
Hong Kong-based global power tools
and floor care company, Techtronic Industries Co. Ltd.
("TTI" / The Group) (stock code: 669, ADR symbol: TTNDY) marked its
25th year with a solid net profit increase of 50.7% in 2010 as all
business units performed strongly. This was the result of strength
in new products, continued geographic expansion, and significant
operational efficiencies.
Sales were HK$26.4 billion
(US$3.4 billion) for the full year,
representing a 10.0% increase over 2009. Our full year profit
attributable to owners of the company was HK$740 million (US$95
million), an increase of 50.7% and earnings per share
increased 45.1% to HK46.23 cents over the prior year.
TTI's leading brands, including MILWAUKEE®,
AEG®, RYOBI®,
HOMELITE®,
HOOVER®, DIRT DEVIL®
and VAX®, generated outstanding
growth through innovative new product and extensions into new
categories, as well as geographic expansion. New product platforms
accounted for approximately one third of Group global sales in
2010.
Mr. Horst Pudwill,
Chairman of TTI said. "We are pleased with these results.
Entering 2011, our excellent product portfolio, and superior brands
give us strong confidence the Group will capitalize on the
opportunities and drive further growth."
"We continued to invest in developing exciting new products,
building our brands, expanding global operations, and implementing
cost containment programs. These actions have further strengthened
TTI's market leadership position. Our strong growth and improvement
in profit margins underscores the effectiveness of our strategies.
I am very excited about TTI's future." said Mr. Joseph Galli, CEO of TTI.
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Financial
Highlights
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2010
HK$'
million
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2009
HK$'
million
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2010
US$'
million
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2009
US$'
million
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Changes
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Turnover
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26,386
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23,985
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3,383
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3,075
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+10.0%
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EBITDA
(before restructuring
costs)
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2,396
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1,784
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307
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229
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+34.3%
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EBITDA
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2,188
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1,784
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280
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229
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+22.6%
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EBIT
(before restructuring
costs)
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1,510
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978
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194
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125
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+54.4%
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EBIT
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1,302
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978
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167
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125
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+33.1%
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Profit attributable to Owners of
the Company
(before restructuring
costs)
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948
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491
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122
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63
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+93.1%
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Profit attributable to Owners of
the Company
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740
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491
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95
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63
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+50.7%
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Basic earnings per share (HK/US
cents)
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46.23
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31.87
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5.93
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4.09
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+45.1%
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Dividend per
share
(HK/US cents)
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10.00
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7.50
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1.28
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0.96
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+33.3%
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About TTI
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, and 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 on the Hang Seng HK
SmallCap Index under the Hang Seng Composite Index, the FTSE
All-World Hong Kong Index and the FTSE Xinhua Hong Kong 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.
SOURCE Techtronic Industries Co. Ltd.
