Techtronic Industries (TTI) has revealed record results for the first half of this year, seeing increases in revenue, net profit and EBIT over the first six months of 2019.
The Hong Kong-based firm saw an 8.7% increase in revenue, while EBIT and net profit were both up by 11.9%, with net profit continuing to grow at a faster rate than sales.
According to TTI, the numbers were driven by the launch of new products, category and geographic expansion. Gross margin also increased for the 11th consecutive year, up 50 bps to 37.6%.
TTI's flagship business, Milwaukee Tool, grew over 20% globally in local currency; seeing over 25% growth in Europe, 20% growth in North America and more than 28% growth in Canada, as a result of TTI's geographic expansion. The firm's Power Equipment segment continued the strong momentum with 14.3% growth in local currency to $3.3 billion in revenue.
TTI Chairman Horst Pudwill, said: "We are pleased to have achieved another record first half of outstanding growth. Our expanding global manufacturing network and world class supply chain continues to deliver consistent productivity gains. We are well positioned to deliver a strong second half, and importantly, a strong future."
Joseph Galli, TTI CEO, added: "New product development is a core strength of TTI and our new product flow continues to accelerate. We continue to aggressively invest in this high speed, world class process so that we can bring to market a stream of high margin new products with cutting edge technology for the months and years to come.
"With the strength of our new product programmes, our outstanding team and strong brand portfolio, we are poised to deliver excellent results."
