Techtronic Industries (TTI) – the group behind the Milwaukee, RYOBI and AEG tool brands – has reported on another impressive trading period with record 2017 first half results.
Revenue increased 7.3% to USD $2.9 billion, which grew again to 8.1% when adjusted for foreign currency.
The business, which also owns Hoover, Vax and Dirt Devil, saw Milwaukee clean up with sales growing 20% (adjusted for currency). Fellow tool brand RYOBI delivered double-digit revenue growth.
TTI saw net profit increase 15.5% in the period, meaning it has seen double-digit growth for eight consecutive first half periods.
‘Cordless leadership & relentless geographic expansion’
TTI’s largest business segment, the Power Equipment business, delivered a strong first half with an 11.9% increase compared with the same period in 2016.
The Consumer Power Tool and Outdoor Product businesses also delivered robust growth driven by the industry leading RYOBI ONE+ cordless system. The growth was bolstered by the flow of new product introductions, strong account partnerships, geographic expansion, and focused end-user marketing, TTI said.
“Our strategy of cordless leadership and relentless geographic expansion is yielding exciting results,” said TTI CEO Joseph Galli. “We are expanding user demand and our served market through cordless technology and innovation with the leading MILWAUKEE and RYOBI ONE+ cordless systems. Executing this strategy is unlocking the vast potential of TTI and yielding growth that is outpacing the market.”
Mr. Horst Pudwill, TTI Chairman, added: “After delivering another record first half performance, TTI enters the second half with continued strong momentum. Our unrelenting focus on the strategic foundation of powerful brands, innovative products, operational excellence, and exceptional people will continue delivering growth and driving profitability in the second half and years to come.”