HONG KONG, March 24, 2011 /PRNewswire/ --
- Continued execution of our strategies produced strong results
- Net profit increase of 50.7%
- Sales growth of 10.0% driven by new product innovation and geographic expansion
- Operational efficiencies improve gross profit by 13.3%
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$95 million), an increase of 50.7% and earnings per share increased 45.1% to HK46.23 cents over the prior year.
TTI's leading brands, including MILWAUKEE(R), AEG(R), RYOBI(R), HOMELITE(R), HOOVER(R), DIRT DEVIL(R) and VAX(R), generated outstanding growth through innovative new product and extensions into new categories, as well as geographic expansion. New product platforms accounted for approximately one third of Group global sales in 2010.
Mr. Horst Pudwill, Chairman of TTI said. "We are pleased with these results. Entering 2011, our excellent product portfolio, and superior brands give us strong confidence the Group will capitalize on the opportunities and drive further growth."
"We continued to invest in developing exciting new products, building our brands, expanding global operations, and implementing cost containment programs. These actions have further strengthened TTI's market leadership position. Our strong growth and improvement in profit margins underscores the effectiveness of our strategies. I am very excited about TTI's future." said Mr. Joseph Galli, CEO of TTI.
Financial Highlights
2010 2009 2010 2009
HK$' HK$' US$' US$'
million million million million Changes
Turnover 26,386 23,985 3,383 3,075 +10.0%
EBITDA
(before restructuring
costs) 2,396 1,784 307 229 +34.3%
EBITDA 2,188 1,784 280 229 +22.6%
EBIT
(before restructuring
costs) 1,510 978 194 125 +54.4%
EBIT 1,302 978 167 125 +33.1%
Profit attributable to
Owners of the Company
(before restructuring
costs) 948 491 122 63 +93.1%
Profit attributable to
Owners of the Company 740 491 95 63 +50.7%
Basic earnings per share
(HK/US cents) 46.23 31.87 5.93 4.09 +45.1%
Dividend per share
(HK/US cents) 10.00 7.50 1.28 0.96 +33.3%
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(R), AEG(R) and RYOBI(R) power tools, and accessories and hand tools, RYOBI(R) and HOMELITE(R) Outdoor Products, and HOOVER(R), DIRT DEVIL(R) and VAX(R) 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 http://www.ttigroup.com.
All trademarks are intellectual property of their respective owners and are protected under trademark law.
AEG(R) is a registered trademark and its use is pursuant to a License granted by AB Electrolux (publ).
RYOBI(R) is a registered trademark and its use is pursuant to a License granted by Ryobi Limited.
SOURCE Techtronic Industries Co. Ltd.
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