‘In the financial year 2017 VTech achieved record revenue, surpassing the $2 billion mark,’ says VTech’s Allan Wong.
Global toy firm, VTech, has detailed its results for the year ended March 31st 2017, citing 'record revenue' following three acquisitions.
Group revenue spiked by 12.0 per cent to $2,079.3 million, supported by higher sales in North America, Europe and Asia Pacific.
According to the firm, gross margin improved from 31.4 per cent to 33.2 per cent, while profit attributable to shareholders of the company fell by 1.3 per cent to $179.0 million.
The fall in the profit was mainly due to the one-off costs associated with the acquisition of LeapFrog, cited the firm, including the professional and legal costs associated with the investigation by the UK's Competition and Markets Authority.
Elsewhere, basic earnings per share decreased by 1.2 per cent to US71.3 cents, compared to US72.2 cents in the previous financial year.
"In the financial year 2017 VTech achieved record revenue, surpassing the $2 billion mark,” said Allan Wong, chairman and group CEO of VTech Holdings Limited.
“A relatively favourable cost environment saw gross margin improve, although profit was affected by one-off costs associated with the integration of LeapFrog. The group also laid the ground for future growth, with the completion of three strategic acquisitions.”