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Europe steady in VTech results - ToyNews

Europe steady in VTech results

VTech's latest results show sales of early learning products dipping, but the UK and German divisions starred in Europe.
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Group revenue (which includes its telecommunications division) was up 5.8 per cent for the full year to $1.53bn. Profit was up 44.2 per cent to $206.5m.

Sales of electronic learning products in the US fell 14.4 per cent to $235m.

In Europe, group revenue was $528.5m, down 7.3 per cent.

Sales of Kidizoom helped the UK and Germany remain stable while electronic learning sales fell 6.5 per cent across the continent to $241.7m.

"We have successfully managed our businesses through the adverse economic conditions, achieving an increase in revenue and a proportionally higher growth in profit," said Allan Wong, chairman and group CEO of VTech.

"Our ability to make further progress across our businesses in the face of very difficult market conditions testifies to the strength of the Group."

However, although the firm has high hopes for both its MobiGo and Storio lines, because of the decline in the value of the Euro, Wong says growth in Dollar terms will be "difficult to achieve" from Europe in the next financial year.

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