TTI Reports 2010 Profit Growth of 50.7%

March 24, 2011

HONG KONG, 24 March 2011 /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) 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(®), AEG(®), RYOBI(®), HOMELITE(®), HOOVER(®), DIRT DEVIL(®) and VAX(®), 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                     2,396   1,784     307     229   +34.3%
    (before restructuring
    EBITDA                     2,188   1,784     280     229   +22.6%
    EBIT                       1,510     978     194     125   +54.4%
    (before restructuring
    EBIT                       1,302     978     167     125   +33.1%
    Profit attributable to
     Owners of the Company       948     491     122      63   +93.1%
    (before restructuring
    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         10.00    7.50    1.28    0.96   +33.3%
    (HK/US cents)

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, and 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 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 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.

Source: newswire

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