VTech results reveal strong toy revenues - ToyNews

VTech results reveal strong toy revenues

The company enjoys ?record growth? with profits totaling $333 million.
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VTech’s full-year financial report shows sales of $1.71 billion and net profits of $333 million.

The Hong Kong technology firm’s electronic learning range also grew in Europe, North America and Asia Pacific.

Revenue from electronic learning in Europe was $274 million, a 13.4 per cent increase, with VTech products being most popular in the UK and France.

In the US, toy revenue was up 22.2 per cent, to $287.1 million. The sales were attributed to the performance of the MobiGo and V.Reader (Storio in Europe), ‘despite competition from two other new platform products in the holiday season.’

Sales of toys in Asia Pacific rose slightly, by 0.6 per cent to $15.9 million.

VTech expects the growth to continue into next year, citing the release of the InnoTab and two new colour-screen laptop products, which will be released later.

Allan Wong, chairman and group CEO of VTech said: “VTech continued to implement its growth strategy in the financial year 2011, which enabled us to achieve record revenue.

"In ELPs, we successfully launched two new platform products in North America and parts of Europe, which has laid an important foundation for future growth. Our superior performance as a supplier also allowed us to gain new customers and additional business from existing customers in all regions."

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