Hong Kong-based Techtronic Industries Co. Ltd. (TTI), whose brand portfolio includes Hoover, Dirt Devil and Vax floor care and appliances, has reported that it achieved record sales of $1.85 billion for the six-month period ended June 30, 2012, up 4% over the corresponding period in 2011, and a record net profit of $96 million, an increase of 20.1% as compared to the same period last year. Total organic group sales were up 5.2% before foreign currency impact.
TTI reported that it delivered strong growth in its Power Equipment business, which delivered $1.4 billion in sales for the first half of 2012, representing a 10.1% increase compared to the first six months of 2011.
Horst Pudwill, chairman of TTI, said, “I am proud that we have again achieved record sales and profit. This strong performance combined with our ability to improve profit margins demonstrates the group’s ability to profitably drive growth. We believe that TTI will continue delivering market leading results for our shareholders.”
Joseph Galli, CEO of TTI, commented, “With our stable of powerful brands and pipeline of new products, we are firmly positioned to build on our positive results.”