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VTech reports solid first half - ToyNews

VTech reports solid first half

Group increases revenue and improves net margins despite continuing cost pressures.
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VTech has announced its interim results for the first half of the 2008 financial year, which ended September 30th, 2007.

The group has experienced an increase in revenue by almost three per cent to $734.1 million.

Its net margin has risen from 9.2 per cent to 11.8 per cent despite rising labour costs and the appreciation of the Chinese currency. The group said its increased manufacturing efficiency and better product engineering offset the cost increases.

The firm anticipates lower sales in the US but continued sales growth in Europe for its second half. It predicts it will achieve a modest overall growth in both revenue and profit for the full year.

Allan Wong, chairman and group CEO said: "VTech has a solid foundation for growth, with a market leading position and innovative products, combined with cost effective and efficient operations.

"We will continue to build on this foundation, growing our businesses through product innovation, expansion of market share, developing emerging markets and pursuing new opportunities within our core businesses."

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