TTI Reports 2010 Profit Growth of 50.7%By Techtronic Industries Co. Ltd., PRNE
Wednesday, March 23, 2011
Continued execution of our strategies produced strong results
HONG KONG, March 24, 2011 - 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
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$95 million), an increase of
50.7% and earnings per share increased 45.1% to HK46.23 cents over the prior
TTI's leading brands, including MILWAUKEE(R), AEG(R), RYOBI(R),
HOMELITE(R), HOOVER(R), DIRT DEVIL(R) and VAX(R), generated outstanding
growth through innovative new product and extensions into new categories, as
well as geographic expansion. New product platforms accounted for
approximately one third of Group global sales in 2010.
Mr. Horst Pudwill, Chairman of TTI said. "We are pleased with
these results. Entering 2011, our excellent product portfolio, and superior
brands give us strong confidence the Group will capitalize on the
opportunities and drive further growth."
"We continued to invest in developing exciting new products,
building our brands, expanding global operations, and implementing cost
containment programs. These actions have further strengthened TTI's market
leadership position. Our strong growth and improvement in profit margins
underscores the effectiveness of our strategies. I am very excited about
TTI's future." said Mr. Joseph Galli, CEO of TTI.
Financial Highlights 2010 2009 2010 2009 HK$' 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%
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
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.
Techtronic Industries Co. Ltd., Eva Lee, +(852)-2402-6327, eva.lee at tti.com.hk; Strategic Financial Relations Limited, Veron Ng, +(852)-2864-4831, veron.ng at sprg.com.hk; Ming Chan, +(852)-2864-4892, ming.chan at sprg.com.hk; Margaret Lam +(852)-2864 4890, margaret.lam at sprg.com.hk; Fax +(852)-2804-2789 / 2527-1196
Tags: Asia, Hong Kong, March 24, Techtronic Industries Co. Ltd.