TTI DELIVERS STRONG 2022 1ST HALF RESULTS.

HONG KONG: Global leader in cordless Professional Tools, DIY Tools, and Outdoor Power Equipment, Techtronic Industries Co. Ltd. ("TTI" or the "Group") (stock code: 669, ADR symbol: TTNDY) is pleased to announce its results for the six months ended June 30, 2022.

The Group delivered strong results for the first half of 2022, outpacing the market and growing sales by 10.0% to US$7.0 billion. In local currency, sales grew 12.1%. Combined with the 2021 first half sales growth of 52%, TTI has increased sales by 67% over this two-year period. Gross margin improved for the 14th consecutive first half expanding 50 bps to 39.1%. EBIT increased 10.7% to US$633 million, net profit rose 10.4% to US$578 million, and earnings per share increased 10.4% to approximately US31.59 cents per share.

Our flagship MILWAUKEE business significantly outgrew the market, delivering 25.8% sales growth

Gross margin improved for the 14th consecutive first half to 39.1%

Net profit growth of 10.4% to US$578 million

Financial Performance Highlights for 1H 2022

2022*

US$'

million

2021

US$'

million

Change

Revenue

7,034

6,394

+10.0 %

Gross profit margin

39.1 %

38.6 %

+50 bps

EBIT

633

572

+10.7 %

Profit attributable to Owners of the Company

578

524

+10.4 %

Basic earnings per share (US cents)

31.59

28.62

+10.4 %

Interim dividend per share (approx. US cents)

12.23

10.94

+11.8 %

*For the six-month period ended June 30, 2022

The Group is delighted that all of its geographic regions delivered solid sales growth in the first half. Rest of World featuring Australia and Asia delivered outstanding 23.0% growth in local currency. Europe grew 14.1% in local currency and North America grew 10.5% in local currency.

TTI's Power Equipment business delivered a very strong first half, while Floorcare contracted due to slowing demand and customer destocking. Now...