Start Exploring
Financial Highlights
15th Consecutive year of
Gross Margin Improvement
Gross Margin improved for the 15th consecutive year to 39.5%, a 14 basis points increase
For the year ended December 31, 2023
Revenue (US$’ million)
An increase of 3.6% as compared to 2022
EBIT (US$’ million)
A decrease of 5.5% as compared to 2022
Free Cash Flow (US$’ million)
Record free cash flow of US$1,281 million, an increase of US$952 million as compared to 2022
Dividend per Share (US cents)
The Board has recommended a final dividend of US12.61 cents which results in a full-year dividend of US24.84 cents
Working Capital as % of Sales
Working capital as a percentage to sales was at 17.7% as compared to 21.2% in 2022
For the year ended December 31, 2023
US$’ million
US$’ million
Gross profit margin
Gross profit margin
+14 bps
Profit attributable to Owners of the Company
Profit attributable to Owners of the Company
Basic earnings per share (US cents)
Basic earnings per share (US cents)
Free Cash Flow
Free Cash Flow
+952 m
Dividend per share (approx. US cents)
Dividend per share (approx. US cents)
For the year ended December 31, 2023
Chairman’s Statement
“Our exceptional results over the past fifteen years have consistently surpassed overall market performance. 2024 will be no exception, as we are poised to outperform the market yet again.”
Read More
Chief Executive Officer’s Message
“Our outstanding performance over the past fifteen years has consistently outpaced the overall market and 2023 was no exception. It is an exciting time to be in a leadership position in the cordless power tool industry.”
Read More
Cordless Leadership
Global Cordless
Professional Tool Brand
Today, MILWAUKEE is the number one worldwide cordless Professional Power Tool brand with 460 products across our M12, M18, and MX FUEL leadership platforms.
Global Cordless
DIY Tool Brand
RYOBI is the leading global DIY cordless brand in both Power Tools and Outdoor with 424 products across the 18V ONE+, 40V, USB LITHIUM, and 80V systems.
ONEPWR: The World’s Most Advanced Cleaning Network
With over 20 cordless cleaning products, the HOOVER ONEPWR system of cordless cleaning products has expanded and improved more than ever in 2023.

The introduction of the world’s first cordless carpet cleaner, ONEPWR SMARTWASH, has unlocked the potential of the ONEPWR cordless cleaning network. It is now possible to clean hard floors, spot clean, vacuum, carpet clean and more, all with the same battery.
Powerful Brands
TTI’s trusted powerful brands stand for innovation, outstanding quality and user desirability.
TTI strategically invests in its leading brands, focusing their core values in order to build trusted customer loyalty, maintain margins, and optimize retail placement.
TTI is totally committed to its growing portfolio of Powerful Brands, which are our core equities. Brand loyalty is a cornerstone for sustainable growth and increased profitability.
It all starts with the user. We don’t make assumptions. Instead, we set out to deliver disruptive innovation by getting out on the jobsite, alongside trade professionals, to understand their challenges — the frustrations, the needs and previous limitations. We set out to completely rethink a solution with new-to-world technology and unparalleled levels of design and engineering. Whether it’s bringing cordless power to traditionally corded or gas products and manual activities, or advances to fundamental tools and equipment, MILWAUKEE’s focus is on working directly with users to deliver new levels of performance, productivity and safety.
RYOBI continues to innovate and lead the way as the #1 DIY Tool Brand on the planet. The breadth of line, cordless convenience, and value of products, all compatible witha battery interface that has remained consistent since 1996, makes the RYOBI 18V ONE+ Cordless System the platform of choice for users from DIYers to professionals. For tackling more demanding yardwork, the RYOBI 40V system provides gas performance with cordless convenience. The RYOBI 80V system, introduced in 2022, features the most powerful products to date from RYOBI, allowing users to eliminate gas and operate Zero Turn Riding Mowers, Lawn Tractors and more on clean, quiet, zero emission battery power.
HOOVER continues to lead the industry in 2023, designing, developing and delivering new technology while expanding the range of products to transform every aspect of whole-home cleaning. From an increased focus on the ONEPWR cordless cleaning network to an expanded line of cleaning solutions, HOOVER delivers advanced, game-changing innovation for an ever-increasing range of cleaning needs. As the brand that started it all, HOOVER continues to challenge the status quo in the cleaning industry.
DIRT DEVIL has leveraged its hard-earned name to transform from a vacuum company to a brand synonymous with all things cleaning. With an incredible lineup of expansion items launched, now, DIRT DEVIL cleans everything. Throughout the home, DIRT DEVIL delivers a truly comprehensive cleaning experience in the kitchen, bathroom and beyond. By giving users the simplicity and functionality they need for cleaning tasks, big and small, DIRT DEVIL has become the brand for trusted, high-quality solutions for every cleaning need.
TTI continues to experience ongoing success with VAX’s ONEPWR cordless cleaning range — a diverse assortment of vacuums, spot washers, and hard floor cleaners, all fuelled by a versatile, interchangeable lithium-ion battery. Transitioning between various cleaning tasks is made effortless, thanks to the ability to simply transfer the battery between products.
Breakthrough Technology
Advanced Lithium-ion Battery Technology
We have continued to advance the capabilities of cordless products to levels beyond what is possible with legacy powered competitive product.
“Race without a finish line”
The introduction of Artificial Intelligence with Machine Learning into Power Tool development with products that not only set new industry standards, but also contribute to significant cost savings for users.
Sustainability is deeply ingrained in our decision-making process and overall strategy, leading to substantial value creation for all stakeholders across our four strategic drivers.
Vice Chairman’s Message
“Our dedication to the environment is demonstrated through continued investments in research and development that drive energy efficiency and minimize waste, noise, and our carbon footprint.”
Read More
Revolutionizing sustainable innovation that drives energy efficiency and shapes our cordless future
Read More
Empowering a sustainable future by reducing our environmental impact through responsible business practices and innovative products
Read More
Waste Target
Achieve a 90% waste-diverted-from-landfill rate by 2030
TVA Green Energy Deal
Increased total renewable energy procurement to nearly 60,000,000 kWh/yr
Solar Panels installation
Finished phase one of our solar panels installation project at our Asia Industrial Park facility
Empowering exceptional people to foster business excellence and uplift our communities
Read More
Work-related injuries rate below 1.0
Work-related & high consequence injuries rates
US$1.0 Million
Cash donations
Driving operational excellence, integrity, accountability, and sustainability within our strong governance practices
Read More
Sustainability Sub-Committee
Formalized the creation of the Sustainability Sub-Committee reporting up to the Audit Committee
Better Mining
Through our Better Mining partnership, 1,907 suppliers were surveyed on conflict minerals
Cloud-Based Supply Chain Monitoring Platform
Implemented a cloud-based supply chain monitoring platform used to efficiently gather, analyze and manage sustainability data from our suppliers
World Class
Manufacturing and
Supply Chain
The investments we have made in expanding our manufacturing network beyond our world-class facility in China to Vietnam, Mexico and the United States have served us well. We operate our manufacturing network with a high degree of flexibility and agility, while striving for continued productivity advancements each year. In 2024, we will continue to raise the bar on delivering productivity gains while maintaining consistently high customer service levels and driving down inventory levels in the network.
Expansion Success
Expansion into new geographic markets is another important component of TTI’s success. One great example of the deployment of this strategy can be found in Europe, where we have grown from a very small presence in 2008 to the cordless leadership position in the professional channels that we hold today. In addition, our performance in Canada, Australia, and New Zealand has been highly impressive, reflecting our commitment to cordless leadership on a global scale. Our businesses in Asia and Latin America are also developing well, and we are excited about our strategic plans to continue expanding our global presence in these regions.
* Source: TTI Annual Report 2023 & TTI ESG Report 2023
Sales by Region
North America
US$10.5 billion
US$2.1 billion
Rest of World
US$1.1 billion
Exceptional People
Employees Globally
LDPs Recruited since 2007
17 Years
of Nurturing Exceptional People
LDP Promotion since 2007
For the year ended December 31, 2023
Breakthrough Leadership
One way we develop our winning team is through our intensive “Breakthrough Leadership” senior management training program.
Throughout these sessions we reinforce our high-speed, high-performance culture and energize the leadership to pursue and inspire breakthrough thinking in their own organizations.


All trademarks and trade names listed other than AEG and RYOBI are owned by the Group. AEG is a registered trademark of AB Electrolux (publ.), and is used under license. RYOBI is a registered trademark of Ryobi Limited, and is used under license.
© Techtronic Industries Co. Ltd. All rights reserved.