Techtronic Industries Delivers Strong 2024 First Half Results
Gross Margin Expanded to 39.9%, Net Profit Increased to
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TTI delivered strong first half results, growing sales 6.3% to
US$7.3 billion and net profit 15.7% toUS$550 million . -
Our Flagship
MILWAUKEE business grew sales 11.2% in local currency, extending our leadership position as the #1 professional power tool brand worldwide. - Gross margin improved 67 bps to 39.9% in the first half of 2024.
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We delivered record first half Free Cash Flow of
US$508 million and improved gearing to 9.2%. -
Mr.
Steven Philip Richman was appointed to the role of TTI Chief Executive Officer (CEO) onMay 21, 2024 .
Financial Performance Highlights for 2024 First Half |
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2024 |
2023 |
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US$’ |
US$’ |
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million |
million |
Changes |
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Revenue |
7,312 |
6,879 |
+6.3% |
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Gross profit margin |
39.9% |
39.3% |
+67 bps |
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EBIT |
626 |
560 |
+11.8% |
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Profit attributable to Owners of the Company |
550 |
476 |
+15.7% |
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EPS (US cents) |
30.12 |
26.00 |
+15.8% |
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Free Cash Flow |
508 |
301 |
+207 m |
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Interim dividend per share (approx. US cents) |
13.90 |
12.23 |
+13.7% |
Gross margin improved 67 bps to 39.9% in the first half of 2024. We finished the first half of 2024 with
The TTI Power Equipment segment grew sales 7.1% in local currency to
The Directors have resolved to declare an interim dividend of HK108.00 cents (approximately US13.90 cents) (2023: HK95.00 cents (approximately US12.23 cents)) per share for the six-month period ended
Mr.
Mr.
About TTI
TTI is a world leader in cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products for the DIY, consumer, professional, and industrial users in the home, construction, maintenance, industrial and infrastructure industries. The Company has a foundation built on four strategic drivers – Powerful Brands, Innovative Products, Exceptional People and Operational Excellence - reflecting an expansive long-term vision to advance cordless technology. The global growth strategy of the relentless pursuit of product innovation has brought TTI to the forefront of its industries while maintaining high environmental, social and corporate governance standards. TTI's powerful brand portfolio includes
Founded in 1985 and listed on The
All trademarks listed other than
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806160397/en/
For Investor Relations enquiries:
Main Contact
TTI Investor Relations –
Senior Vice President, Finance & Investor Relations
Email: ross.gilardi@ttihq.com
TTI Investor Relations –
Senior Manager, Investor Relations
Email: jimmy.li@tti.com.hk
Source: