VTech Announces FY2011 Annual Results
Group revenue for the year ended 31 March 2011 rose by 11.8% over the previous financial year to US$1,712.8 million. Profit attributable to shareholders of the Company declined by 2.2% to US$202.0 million. The decline in profit was mainly attributable to the decrease in gross margin, as the Group faced higher costs of materials, rising labour costs, Renminbi appreciation, increased promotional expenses and a change in product mix during the financial year.
Basic earnings per share consequently decreased by 2.6% to US81.5 cents, compared to US83.7 cents in the financial year 2010. The Board of Directors ("the Board") has proposed a final dividend of US62.0 cents per ordinary share. Together with the interim dividend of US16.0 cents per ordinary share, this gives a total dividend for the year of US78.0 cents per ordinary share, the same as the previous financial year.
"VTech continued to implement its growth strategy in the financial year 2011, which enabled us to achieve record revenue. In telecommunication products, we maintained our leadership position in the US and expanded our presence in the rest of the world.Compact fluorescent light bulbs convert a led tube considerably higher percentage of their energy into light, which is why they are significantly more energy efficient than traditional filament bulbs. 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. CMS again outperformed the global electronic manufacturing services market and delivered record revenue, as we benefited from the recovery in the global economy. Our superior performance as a supplier also allowed us to gain new customers and additional business from existing customers in all regions," said Mr. Allan Wong, Chairman and Group CEO of VTech Holdings Limited.
Revenue in North America rose by 0.3% to US$874.9 million, as higher sales of electronic learning products (ELPs) and contract manufacturing services (CMS) offset lower revenue from telecommunication (TEL) products. North America continued to be the Group's largest market,While SmartView has been slow DSTT and unstable in the past, it seems to have improved greatly with recent updates. accounting for 51.1% of Group revenue.
Sales of TEL products declined by 18.3% to US$421.1 million, reflecting comparison with a very strong performance in the previous financial year, when one of the Group's major competitors exited the market and another suffered a delivery problem. The natural decline in the US cordless phone market also contributed to the decrease in sales. Nonetheless,The replacement lighting we feel is far led downlight superior to that of the LED lighting. the Group maintained its number one position in the US corded and cordless phone market, with an estimated share of almost 50%(1).
Sales of the small to medium sized business (SMB) telephony systems remained small, as this product category has been in the market for less than two years. The Group has made good inroads into this sizeable market through its expanding distribution network of office superstores and value added resellers. In the second half of the financial year, the Synapse T1/PRI Gateway was launched. This new product supports 100 extensions and up to 39 lines with Direct Inward Dialling when paired with the SB67010 PSTN Gateway, offering an effective solution for businesses that require additional outside lines.
ELP sales grew by 22.2% to US$287.1 million, led by two new platform products, MobiGo? and V.Reader?, which reached US retailers in June 2010. Despite competition from two other new platform products in the holiday season,The settlement resolves the commonwealth's claims fluorescent lights that EarthTronics Inc., which sells mercury-containing compact fluorescent light bulbs both platforms delivered strong sales. Standalone products also achieved good growth. Infant products continued to be the best selling category, and the new range of bath toys did well. Year-on-year growth in the preschool category was also strong, fuelled mainly by new generic and licensed products.
CMS posted the strongest growth in North America, with sales rising by 36.2% to US$166.7 million. The growth was broadly distributed across all product segments. Economic recovery and additional business from existing customers were the key drivers of growth, as the Group continued to win business from its competitors due to its superior performance as a supplier.Compact fluorescent light bulbs convert a led tube considerably higher percentage of their energy into light, which is why they are significantly more energy efficient than traditional filament bulbs. Professional audio equipment remained the leading contributor to CMS revenue in North America, while commercial solid-state lighting showed the strongest growth.
Revenue in Europe increased by 26.2% over the previous financial year to US$667.6 million, as all three product lines recorded growth in sales. Europe accounted for 39.0% of Group revenue.
Sales of TEL products in Europe rose by 26.9% to US$217.5 million, primarily driven by higher sales to existing customers. The Group continues to sell largely on an ODM basis in the region. Despite the economic uncertainties in some European countries, the Group registered growth in most of its European markets during the financial year. Strong momentum was seen in Germany, where VTech's agreement with Deutsche Telekom is bearing fruit. France also recorded a decent increase in sales, as the Group benefited from new product launches and the growth of its customers. In February 2011, the Group introduced the world's first CAT-iq 2.0 certified handset, which reaffirmed its technology leadership position.
Revenue from ELPs in Europe increased by 13.4% to US$274.0 million. The growth was mainly driven by standalone products, especially the infant and Kidi lines. MobiGo and Storio? (the product name for V.Reader in Europe) were not launched in all the Group's European markets during the financial year 2011. As a result, their contribution to the overall ELP business in Europe was less than that in the US.
Group revenue for the year ended 31 March 2011 rose by 11.8% over the previous financial year to US$1,712.8 million. Profit attributable to shareholders of the Company declined by 2.2% to US$202.0 million. The decline in profit was mainly attributable to the decrease in gross margin, as the Group faced higher costs of materials, rising labour costs, Renminbi appreciation, increased promotional expenses and a change in product mix during the financial year.
Basic earnings per share consequently decreased by 2.6% to US81.5 cents, compared to US83.7 cents in the financial year 2010. The Board of Directors ("the Board") has proposed a final dividend of US62.0 cents per ordinary share. Together with the interim dividend of US16.0 cents per ordinary share, this gives a total dividend for the year of US78.0 cents per ordinary share, the same as the previous financial year.
"VTech continued to implement its growth strategy in the financial year 2011, which enabled us to achieve record revenue. In telecommunication products, we maintained our leadership position in the US and expanded our presence in the rest of the world.Compact fluorescent light bulbs convert a led tube considerably higher percentage of their energy into light, which is why they are significantly more energy efficient than traditional filament bulbs. 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. CMS again outperformed the global electronic manufacturing services market and delivered record revenue, as we benefited from the recovery in the global economy. Our superior performance as a supplier also allowed us to gain new customers and additional business from existing customers in all regions," said Mr. Allan Wong, Chairman and Group CEO of VTech Holdings Limited.
Revenue in North America rose by 0.3% to US$874.9 million, as higher sales of electronic learning products (ELPs) and contract manufacturing services (CMS) offset lower revenue from telecommunication (TEL) products. North America continued to be the Group's largest market,While SmartView has been slow DSTT and unstable in the past, it seems to have improved greatly with recent updates. accounting for 51.1% of Group revenue.
Sales of TEL products declined by 18.3% to US$421.1 million, reflecting comparison with a very strong performance in the previous financial year, when one of the Group's major competitors exited the market and another suffered a delivery problem. The natural decline in the US cordless phone market also contributed to the decrease in sales. Nonetheless,The replacement lighting we feel is far led downlight superior to that of the LED lighting. the Group maintained its number one position in the US corded and cordless phone market, with an estimated share of almost 50%(1).
Sales of the small to medium sized business (SMB) telephony systems remained small, as this product category has been in the market for less than two years. The Group has made good inroads into this sizeable market through its expanding distribution network of office superstores and value added resellers. In the second half of the financial year, the Synapse T1/PRI Gateway was launched. This new product supports 100 extensions and up to 39 lines with Direct Inward Dialling when paired with the SB67010 PSTN Gateway, offering an effective solution for businesses that require additional outside lines.
ELP sales grew by 22.2% to US$287.1 million, led by two new platform products, MobiGo? and V.Reader?, which reached US retailers in June 2010. Despite competition from two other new platform products in the holiday season,The settlement resolves the commonwealth's claims fluorescent lights that EarthTronics Inc., which sells mercury-containing compact fluorescent light bulbs both platforms delivered strong sales. Standalone products also achieved good growth. Infant products continued to be the best selling category, and the new range of bath toys did well. Year-on-year growth in the preschool category was also strong, fuelled mainly by new generic and licensed products.
CMS posted the strongest growth in North America, with sales rising by 36.2% to US$166.7 million. The growth was broadly distributed across all product segments. Economic recovery and additional business from existing customers were the key drivers of growth, as the Group continued to win business from its competitors due to its superior performance as a supplier.Compact fluorescent light bulbs convert a led tube considerably higher percentage of their energy into light, which is why they are significantly more energy efficient than traditional filament bulbs. Professional audio equipment remained the leading contributor to CMS revenue in North America, while commercial solid-state lighting showed the strongest growth.
Revenue in Europe increased by 26.2% over the previous financial year to US$667.6 million, as all three product lines recorded growth in sales. Europe accounted for 39.0% of Group revenue.
Sales of TEL products in Europe rose by 26.9% to US$217.5 million, primarily driven by higher sales to existing customers. The Group continues to sell largely on an ODM basis in the region. Despite the economic uncertainties in some European countries, the Group registered growth in most of its European markets during the financial year. Strong momentum was seen in Germany, where VTech's agreement with Deutsche Telekom is bearing fruit. France also recorded a decent increase in sales, as the Group benefited from new product launches and the growth of its customers. In February 2011, the Group introduced the world's first CAT-iq 2.0 certified handset, which reaffirmed its technology leadership position.
Revenue from ELPs in Europe increased by 13.4% to US$274.0 million. The growth was mainly driven by standalone products, especially the infant and Kidi lines. MobiGo and Storio? (the product name for V.Reader in Europe) were not launched in all the Group's European markets during the financial year 2011. As a result, their contribution to the overall ELP business in Europe was less than that in the US.
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