Hong Kong-listed power tools manufacturer Techtronic Industries (TTI) showed strong growth in its financial results for the year ended December 31. The company, which is celebrating its 25th year, says the solid performance was observed across all businesses, resulting in excellent growth.
The good financial showing was the result of strength in new products, geographic expansion, and significant operational efficiencies in a period of rising input costs, the company said in its stock exchange announcement.
Techtronic's turnover was HK$26.4 billion for the full year, representing a 10 per cent increase over 2009. The full-year profit attributable to owners of the company was HK$740 million, an increase of 50.7 per cent over the previous year, and earnings per share increased 45.1 per cent to 46.23 HK cents over the previous year.
TTI chairman Stephan Horst Pudwill says: 'We are pleased with these results. Entering 2011, our excellent product portfolio and superior brands give us strong confidence, and the group will capitalise on the opportunities and drive further growth.' Joseph Galli, TTI's CEO, says: 'We continued to invest in developing exciting new products, building our brands, expanding global operations, and implementing cost-containment programmes. 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.'
TTI continued to invest in developing exciting new products, building its brands, expanding global operations, and implementing cost-containment programmes. The company says these actions have further strengthened its market leadership position and have increased demand for its brands and products.
'During the period, our gross profit margin increased to 32.2 per cent, up from 31.3 per cent in 2009. This was a result of ongoing new product introductions and efficiency gains through broad, systematic cost reduction and productivity programmes put in place that countered rising input costs,' the company said in its statement to the stock exchange.
Earnings before interest and tax increased by 33.1 per cent to HK$1.3 billion, representing a margin improvement of 80 basis points.