TTI Delivers Exceptional First Half Results

Record Revenue and Record Profit

HONG KONG, Aug. 12, 2020 /PRNewswire/ --

Financial Highlights

2020*

US$

million

2019*

US$

million

Changes

%

Revenue

4,206

3,728

+12.8

Gross profit margin

38.0%

37.6%

+40 bps

EBIT

363

314

+15.6

Profit attributable to Owners of the Company

332

285

+16.3

EPS (US cents)

18.14

15.61

+16.2

Interim dividend per share (approx. US cents)

6.82

5.79

+17.8

*For the 6 months ended June 30, 2020

• Exceptional first half 2020 results with sales up 12.8% to US$4.2 billion, 14.0% in local currency
• Strong Power Equipment sales growth of 14.0% in local currency
• Strong Floor Care sales increase of 13.6% in local currency
• Gross margin improved for the twelfth consecutive first half to 38.0%, up 40 basis points
• Net profit increased 16.3% to US$332 million
• Working capital percent of sales improved from 18.4% to 15.8%

The global leading cordless power equipment and floor care company Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR symbol: TTNDY) announced an exceptional first half results for the six months ended June 30, 2020. The Group delivered sales growth of 12.8% to US$4.2 billion in reported currency or 14.0% in local currency. Gross margin improved an additional 40 basis points to 38.0%. EBIT grew 15.6% to US$363 million. Net profit and earnings per share increased 16.3% and 16.2% respectively, to US$332 million and approximately US18.14 cents per share. The strong first half performance was driven by the launch of exciting new products, accelerated future product development, expanded global sales network, improved manufacturing productivity and a strengthened supply chain. In addition, TTI's working capital percent of sales improved from 18.4% to 15.8%.