Vtech 2004 Annual Report Download - page 16
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T
he contract manufacturing
services business continued
to deliver steady organic
growth. Revenue increased slightly by
2.7% over the financial year 2003 to
US$97.3 million. Efforts in cost control
contributed to stable profit for the
business.
Revenue growth was constrained by a
sharp drop in orders from two
customers whose products performed
badly in the market following changes
in the US regulations. Although the drop
was offset by a strong increase in orders
from other customers, the result was
that revenue grew modestly as
compared with other China based
electronic manufacturing services
providers.
During financial year 2004, VTech was
able to secure additional businesses from
existing customers, some of whom even
doubled their orders. This performance
testifies our ability to deliver quality
products, as well as flexible and price
competitive services to customers.
The well-diversified nature of the
contract manufacturing services business
supported its stable development.
Geographically, 46.0% of sales was
generated from customers in Europe,
Contract Manufacturing Services Revenue
in Last 5 Years
US$ million
00 01 02 03 04
0
97.3
94.7
92.8
127.1
66.7
25
50
75
100
125
150
Review of
Operations
Innovation Drives
Competitiveness
Contract Manufacturing Services
Review of Operations
VTech Holdings Ltd Annual Report 2004
14