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Harris Technology (ASX:HT8) posts $9.58M in revenue for Q2 FY21
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  • IT and consumer electronics business Harris Technology Group (HT8) has reported $9.58 million in unaudited revenue for the December 2020 quarter
  • This figure follows closely behind the $9.8 million reported in the previous quarter — Harris' highest-ever recorded revenue
  • Significantly, revenue for the first six months of FY21 rose 373 per cent compared to the prior corresponding period
  • In terms of expenditure, Harris spent $9.265 million on inventory, advertising, and staff and admin costs which is slightly less than the September quarter
  • Pleasingly, Harris sold $729,000 worth of products on Amazon Australia during the Black Friday/Cyber Monday sales period
  • At the end of the quarter, Harris Technology had around $2.2 million in cash
  • Company shares have dropped 18.4 per cent to trade at 15.5 cents

Harris Technology Group (HT8) has reported unaudited revenue of $9.58 million for the December 2020 quarter.

The IT and consumer electronics business makes and sells products such as mobile phone accessories, inks and toners, antivirus software and gaming products.

The revenue for this period followed closely behind Harris' record $9.8 million in revenue for the September quarter. However, the latest revenue figure is a significant increase from the $2.35 million posted in the December 2019 quarter.

For the six months ending December 31 2020, Harris' unaudited half-year revenue jumped 373 per cent compared to the previous corresponding period, launching from $4.1 million to $19.39 million.

In terms of expenditure, Harris spent about $8.8 million on inventory purchases. Overall, the consumer discretionary stock spent $9.27 million on inventory, advertising, and staff and admin costs.

This sum is roughly $2.5 million less than what Harris spent in the previous quarter, which was largely fuelled by preparations for the Black Friday/Cyber Monday sales event.

Pleasingly, the four-day trading period was particularly successful for Harris, which racked up $729,000 on Amazon Australia.

The company also wanted to have enough inventory for the Christmas shopping season. To hold the extra products, Harris leased another warehouse in Melbourne.

Additionally, Harris welcomed Alan Sparks as a new director. Alan brings over 40 years' experience in the distribution, retail and technology industries and over 20 years of leadership experience. He officially commenced his role on December 1 2020.

At the end of the quarter, Harris Technology had around $2.2 million in cash.

Company shares have dropped 18.4 per cent to trade at 15.5 cents at 11:14 am AEDT.

HT8 by the numbers
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