Techtronic Industries (TTI), which owns the Hoover, Oreck and Dirt Devil floor care appliance brand portfolio, has reported revenue growth in the first half of 2016, driven by growth in its power equipment segment and cordless products.
The company’s overall revenue grew 8.6% to $2.68 billion and 9.7% before currency adjustment for the first half of 2016. Net profit margins increased by 20 basis points to 6.6% of sales. Last year’s first half revenue was $2.47 billion. Basic earnings per share increased by 11.7% to 9.69 cents.
TTI’s largest business unit, the power equipment business, delivered $2.2 billion in global sales, representing a 12.6% increase compared with the same period in 2015.
In the first half of the year, net profit for the floor care and power equipment company grew 11.6% to $177 million from $159 million in the first half of 2015.
The company said it grew in all geographic regions through innovative new product launches and strategic marketing programs, while delivering operational efficiency and productivity gains.
Horst Pudwill, chairman of TTI, said, “TTI enters the second half from a position of strength after a record first half performance. We continue to demonstrate our ability to stay laser focused as we implement our leadership strategy across new product category introductions, geographic expansion and operational and commercial excellence.”