Techtronic Industries (TTI) announced record net profits for the first six months of the year, riding high on the launch of new products and more investment in the products.
The Hong Kong-based global power equipment and floor care company announced that it achieved record sales of US$1.86 billion (HK$14.43 billion) for the six-month period ended June 30, up 4 per cent over the corresponding period last year.
The power tool maker also announced a record net profit of US$96 million, an increase of 20.1 per cent compared with the same period last year. Total organic group sales were up 5.2 per cent before foreign currency impact. Gearing improved to 37.4 per cent compared to 66.1 per cent at June 30 last year.
Joseph Galli, CEO of Techtronic, attributes the performance to the company's ability to invest far more than its competitors in the development of products and launch of new products.
He also points to the company's ability to generate organic growth in existing and new markets, with powerful brands that connect with end-users, innovative new products with leading-edge technologies, and continuous improvement through operational efficiency and aggressive procurement programmes.
"TTI has a reputation for continuously bringing to market high-quality products that resonate with our customers through unrelenting focus on research and development and innovation. Leading-edge product platforms, such as Milwaukee M12 and M18, as well as the Ryobi One+ System, will help us grow as we drive organic expansion across our major markets and new geographic areas. With our stable of powerful brands and pipeline of new products, we are firmly positioned to build on our positive results," Galli says.