|Wednesday, 21 August 2013, 22:00 HKT/SGT|
HONG KONG, Aug 21, 2013 - (ACN Newswire) - 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."
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, EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL Floor Care and Appliances.
TTI is one of the constituent stocks of the MSCI All Country World Index (ACWI), FTSE Developed Index and Hang Seng Composite LargeCap Index under the Hang Seng Composite Size Index. For more information, please visit www.ttigroup.com.
All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.
Techtronic Industries Co. Ltd.
Tel: +(852) 2402 6495
Strategic Financial Relations Limited
+(852) 2864 4831
+(852) 2864 4892
+(852) 2864 4861
Fax: +(852) 2527 1196
Aug 21, 2013 22:00 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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