Techtronic Industries Co. Ltd., maker of floor care appliances and power tools, said sales and profits grew in the first half of 2010, fueled by new product introductions in all key business units and major geographic regions.
Total TTI group sales in the first half of 2010 were HK$12.5 billion (approx. US$1.6 billion), up 10.5% over the same period in 2009. The company credited stronger demand as well as continued focus on its cost base for a profit rise of 40.5% to HK$362 (approx. US46.6 million).
Core Power Equipment business sales were up 11.3%, with growth led by Ryobi, AEG, and Milwaukee products.
Floor Care/Appliances business first half results show better margins and 8.6% higher sales, with Hoover, Dirt Devil, and Vax brands launching new products.
TTI's geographic expansion program delivered 20.4% sales growth in the first half of the year driven by sales gains in Europe, the Middle East, Australia, Latin America, and Asia. TTI's North America business had high single-digit growth led by new products.
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