TECHTRONIC INDUSTRIES DELIVERS OUTSTANDING 2021 RESULTS WITH EXCEPTIONAL REVENUE AND PROFIT GROWTH

HONG KONG, March 2, 2022 /PRNewswire/ — hong kongglobal electrical equipment, maintenance and floor cleaning company Techtronic Industries Co.Ltd. (“TTI” or the “Group”) (Stock Code: 669, ADR Symbol: TTNDY) is pleased to announce that 2021 has been an extraordinary year for TTI, with exceptional revenue and profit growth. The Group achieved sales of US$13.2 billion, an increase of 34.6%. Over the two-year period, TTI clearly outperformed the market with sales growth of +72.2%. Increased strategic investments in new products, manufacturing capacity, geographic expansion, logistics and field marketing initiatives propelled TTI’s peak performance.

  • Full-year organic sales growth of US$3.4 billion+34.6%
  • Gross margin improvement for the 13and consecutive year at 38.8%, up +54 basis points
  • Growth in net profit of 37.2% at US$1.1 billion

Financial Performance Highlights for 2021





2021*

we$’

million

2020

US DOLLARS$’

million

Changes





Income

13,203

9,812

+34.6%

Gross margin

38.8%

38.3%

+54 basis points

EBIT

1,192

868

+37.2%

Profit attributable to the Owners of the Company

1,099

801

+37.2%

Basic earnings per share (US cents)

60.04

43.80

+37.1%

Dividend per share (approx. US cents)

23.81

5:37 p.m.

+37.0%

*For the year ended December 31, 2021

Gross margin improvement for the 13and consecutive year, from 38.3% in 2020 to 38.8% in 2021. The improvement in gross margin is the direct result of the launch of new high-margin products, disciplined mix management, productivity gains exceptional and a leverage effect on volumes.

EBIT increased by 37.2% for US$1.2 billion, with the EBIT margin improving by 17 basis points to 9.0%. Net profit increased by 37.2% for US$1.1 billion, with earnings per share up 37.1% from 2020 to 60.04 US cents. Thanks to investments in inventory to support sales growth and high service levels, the Group maintained a disciplined working capital ratio at 20.9% of sales.

Each of the Group’s business units in all geographies achieved exceptional revenue growth in 2021. North America increased by 33.7%, Europe increased by 41.1% and ROM increased by 31.8%. The Power Equipment activity, which represents 90.6% of total sales, increased by 37.0% to US$12.0 billion. the Milwaukee business, Ryobi DIY and Ryobi Outdoor all recorded double-digit growth, significantly outpacing the market. The Floor Care and Cleaning business also recorded strong sales growth of 14.8% at US$1.2 billion.

Board recommends final HK dividend 1 dollar (approximately 12.87 US cents) per share. Together with the interim dividend of 85.00 HK cents (approximately 10.94 US cents) per share, this will result in an annual dividend of 185.00 HK cents (approximately 23.81 US cents) per share, compared to 135.00 HK cents (about 17.37 US cents) per share in 2020, an increase of 37.0%.

Sir. Horst PudwillPresident of TTIsaid: “We are confident that our bold vision, customer focus and commercial drive will make 2022 another exceptional year and position TTI with exciting opportunities in the months and years to come.

Sir. Joseph GalliCEO of TTI, commented: “TTI is now in a unique position to maintain our leadership position in professional cordless, DIY cordless, outdoor cordless and floorcare products. In 2022, we are excited to continue to make substantial investments in the business, to deliver another year of above-market results. and gross margin expansion.”

About ITT

Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990, TTI is a global leader in cordless technology covering power tools, outdoor power equipment, floor care and cleaning products for users general public, professionals and industrialists in the home, construction. , maintenance, industry and infrastructure. The company is built on four strategic drivers – powerful brands, innovative products, exceptional people and operational excellence – reflecting an expansive, long-term vision to advance wireless technology. The global growth strategy of relentless pursuit of product innovation has placed TTI at the forefront of its industries. TTI’s powerful brand portfolio includes MILWAUKEEAEG and RYOBI power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products, EMPIRE landscaping and measuring products, and HOOVER, ORECK, VAX and DIRT floor care and cleaning products DEVIL.

TTI is one of the constituent stocks of the Hang Seng Index, the FTSE RAFI™ All-World 3000 Index, the FTSE4Good Developed Index and the MSCI ACWI Index. For more information, please visit www.ttigroup.com.

All brands mentioned other than AEG and RYOBI are the property of the Group. AEG is a registered trademark of AB Electrolux (publ.) and is used under licence. RYOBI is a registered trademark of Ryobi Limited and is used under license.

For requests:

Techtronic Industries Co.Ltd.
Investor Relations
Tel: +(852) 2402 6888
E-mail: [email protected]

Strategic Financial Relations Limited
Veron Ng +(852) 2864 4831
Rachel Ko +(852) 2114 2370
Aggie Fang+(852) 2114 4987
E-mail: [email protected]
Website: www.sprg.com.hk

Business communication
Isabelle Chan
Tel: +(852) 2402 6495
E-mail: [email protected]
Website: www.ttigroup.com


SOURCE Techtronic Industries Co. Ltd.