In posting interim results, Techtronic Industries Co. Ltd. reported that its net profit attributable to shareholders reached $118 million, a 22% increase over the 2012 first half. Basic earnings per share were 6.43 cents, up 13% over the same period last year, according to the company, which manufacturers Hoover, Dirt Devil and Vax electric floor cleaning products.
Group sales rose by 10.1% to $2.04 billion, TTI stated.
Innovative new products, further investment in developing the company’s lithium strategy, category expansion, product mix and manufacturing and supply chain efficiencies enabled an improvement in gross margin, the company asserted. Strong sales growth in the group’s core businesses occurred across all key regions including North America, Europe and Australia, TTI contended.
“This exceptional performance is driven by a continuous flow of innovative new product introductions, category expansion, product mix and a relentless focus on operational efficiency,” Joseph Galli, TTI CEO, commented in a company financial announcement.
Horst Pudwill, chairman of TTI, stated, “Our powerful new product development machine has put TTI in a position to continue growing and driving profitability to new levels. We look forward to delivering strong sales and profit growth in the second half and beyond.”