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 in 2012.
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."
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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, 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.
