HONG KONG, Aug. 21, 2013 /PRNewswire-FirstCall/ --
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.
SOURCE Techtronic Industries Co. Ltd.
