TTI Reports Record Revenue And Profit In The First Half Of 2015
HONG KONG, Aug. 19, 2015 /PRNewswire/ — Hong Kong-based global power equipment and floor care company Techtronic Industries Co. Ltd. “TTI”/ The Group stock code: 669, ADR symbol: TTNDY reported that it achieved record results with double-digit growth in revenue, gross profit and net income in the first half of 2015.
Profit margins continued to improve with revenues increasing by 10.0% or 14.4% when excluding the effect of foreign currency exchange. Gross margins improved by 60 basis points to 35.6% and net profit increased by 16.5%, delivering double-digit growth for the sixth consecutive reporting period. Basic earnings per share increased by 16.4% to 8.67 US cents.All regions delivered impressive organic growth, demonstrating the Group’s ability to capture market share through innovation. The Power Equipment segment, comprising 79.1% of the Group’s revenue, generated double-digit sales growth of 16.7%, outpacing the power tool industry with our Milwaukee Tool business recording a 24.4% increase in global sales. Investments in R&D, geographic expansion and marketing programs have driven the flow of innovative new products, increased distribution reach and expanded market share.