TTI Reports Double-Digit Sales and Profit Growth Driven by Milwaukee(R) Tools, New Product and Geographic Expansion

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Aug 23, 2010, 10:05 ET

HONG KONG, Aug. 23 /PRNewswire-Asia-FirstCall/ -- Hong Kong-based global power tools and floor care company, Techtronic Industries Co. Ltd. ("TTI" / The Group) (stock code: 669, ADR symbol: TTNDY) announced strong net profit growth of 40.5% for the first six months of 2010, reflecting robust sales growth and higher margins from new products.

For the six months ended June, the Group's sales were US$1.6 billion, an increase of 10.5% over the same period in 2009. EBIT before restructuring increased 58.9% as sales grew in all major markets led by strong performances from the leading Milwaukee(R) and Hoover(R) brands. The strategic investment in these brands with an expanding portfolio of innovative products enabled both sales and margins to increase during the period.

Mr. Horst Pudwill, Chairman of TTI said, "We are very pleased with the progress of the Company and the profit improvement in the first half. This reflects the strength of our brands, new products, and success of our strategic geographic expansion. TTI is in a healthy financial position and I am confident our performance will continue to improve in 2010 and beyond."

"TTI has developed a tremendous capability for new products putting us at the vanguard of innovation that enhances end-user satisfaction and productivity. This delivers the first mover advantage that will sustain our leadership position and growth. We have a great future ahead of us," said Mr. Joseph Galli, CEO of TTI.

    Financial Result for the six months period ended June 30, 2010


                                     2010    2009    2010    2009      Changes
                                     HK$'     HK$'    US$'    US$'        %
                                   million  million million  million

    Turnover                        12,535  11,342   1,607   1,454      10.5

    EBITDA (before restructuring
     costs)                          1,250     905     160     116      38.1

    EBITDA                           1,106     905     142     116      22.2

    EBIT (before restructuring
     costs)                            808     509     104      65      58.9

    EBIT                               664     509      85      65      30.6

    Profit attributable to Owners
     of the Company
     (before restructuring costs)      506     258      65      33      96.3

    Profit attributable to Owners
     of the Company                    362     258      46      33      40.5

    EPS (HK/US cents)                22.74   17.18    2.92    2.20      32.4

    Interim dividend per share
     (HK/US cents)                    3.75    3.00    0.48    0.38      25.0

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 and professional products marketed to the home improvement 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, Ryobi(R) and Homelite(R) outdoor products, and Hoover(R), Dirt Devil(R) and Vax(R) floor care products and accessories.

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 .

SOURCE Techtronic Industries Co. Ltd.