PR94787

HONG KONG, March 2, 2022 /PRNewswire=KYODO JBN/ --

Hong Kong-based global power equipment and floorcare & cleaning company

Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR

symbol: TTNDY) is pleased to report that 2021 was an extraordinary year for TTI

with outstanding revenue and profit growth. The Group delivered sales of

US$13.2 billion, an increase of 34.6%. Over the two-year period, TTI

significantly outperformed the market with +72.2% sales growth. Increased

strategic investments in new product, manufacturing capacity, geographic

expansion, logistics, and in-field marketing initiatives propelled TTI's

industry leading performance.

Full year organic sales growth of US$3.4 billion, +34.6%

Gross margin improved for the 13th consecutive year to 38.8%, up +54 basis

points

Net profit growth of 37.2% to US$1.1 billion

Gross margin improved for the 13th consecutive year, from 38.3% in 2020 to

38.8% in 2021. The gross margin improvement is a direct result of the launching

of high margin new products, disciplined mix management, exceptional

productivity gains, and volume leverage.

EBIT increased 37.2% to US$1.2 billion, with the EBIT margin improving by 17

basis points to 9.0%. Net Profit rose 37.2% to US$1.1 billion, with earnings

per share increasing 37.1% over 2020 to US60.04 cents. With the investments in

inventory to support sales growth and high service levels, the Group maintained

a disciplined working capital ratio at 20.9% of sales.

Every one of the Group's business units in all geographic regions delivered

exceptional sales growth in 2021. North America grew 33.7%, Europe grew 41.1%

and ROW grew 31.8%. The Power Equipment business, representing 90.6% of total

sales, grew 37.0% to US$12.0 billion. The Milwaukee business, Ryobi DIY, and

Ryobi Outdoor businesses all achieved double-digit growth, significantly

outgrowing the market. The Floorcare and Cleaning business also produced strong

sales growth of 14.8% to US$1.2 billion.

The Board is recommending a final dividend of HK 1 dollar (approximately

US12.87 cents) per share. Together, with the interim dividend of HK85.00 cents

(approximately US10.94 cents) per share, this will result in a full-year

dividend of HK185.00 cents (approximately US23.81 cents) per share, against

HK135.00 cents (approximately US17.37 cents) per share in 2020, an increase of

37.0%.

Mr. Horst Pudwill, Chairman of TTI, said, "We are confident that our

unrelenting bold vision, customer focus and business momentum will make 2022

another outstanding year and position TTI with exciting opportunities in the

months and years ahead."

Mr. Joseph Galli, CEO of TTI, commented, "TTI is now uniquely positioned to

continue our leadership position in professional cordless, DIY cordless,

outdoor cordless, and in floorcare. In 2022, we are excited to continue making

substantial investments in the business, to drive another year of above market

results and gross margin expansion."

About TTI

Founded in 1985 and listed on the Stock Exchange of Hong Kong Limited in 1990,

TTI is a world leader in cordless technology spanning Power Tools, Outdoor

Power Equipment, Floorcare and Cleaning Products for the 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 a long-term expansive 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. TTI's powerful brand portfolio includes MILWAUKEE, AEG and RYOBI

power tools, accessories and hand tools, RYOBI and HOMELITE outdoor products,

EMPIRE layout and measuring products, and HOOVER, ORECK, VAX and DIRT DEVIL

floorcare and cleaning products.

TTI is one of the constituent stocks of the Hang Seng Index, FTSE RAFI™

All-World 3000 Index, FTSE4Good Developed Index and MSCI ACWI Index. For more

information, please visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Group. AEG is a

registered trademark of AB Electrolux (publ.), and is used under license. RYOBI

is a registered trademark of Ryobi Limited, and is used under license.

For enquiries:

Techtronic Industries Co. Ltd.

Investor Relations

Tel: +(852) 2402 6888

Email: ir@tti.com.hk

Strategic Financial Relations Limited

Veron Ng     +(852) 2864 4831                                    

Rachel Ko    +(852) 2114 2370

Aggie Fang  +(852) 2114 4987

Email: sprg_tti@sprg.com.hk

Website: www.sprg.com.hk

Corporate Communications

Isabella Chan

Tel: +(852) 2402 6495

Email: isabella.chan@tti.com.hk

Website: www.ttigroup.com

SOURCE:  Techtronic Industries Co. Ltd.