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Harris Technology (ASX:HT8) - CEO, Garrison Huang
CEO, Garrison Huang
Source: ARNet
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  • Harris Technology Group (HT8) is set to deliver a million-dollar profit for the 2020 financial year
  • In May, Harris was expecting approximately $700,000 in profit for the financial year, but raised that estimate today to $1.1 million
  • Additionally, Harris predicts it will net $13.5 million in revenue, compared to last year’s $9 million
  • The results are even more significant compared to the company’s $732,000 loss in FY19
  • The new forecasts follow strong sales recorded throughout May and June and robust performance from the company’s new Pro-Hygiene division
  • On the back of the news, Harris is up 5.88 per cent on the market this morning, trading for 3.6 cents each

Harris Technology Group (HT8) is set to deliver a million-dollar profit for the 2020 financial year.

In May, Harris was expecting approximately $700,000 in profit for the financial year, but raised that estimate today to $1.1 million. Additionally, Harris predicts it will net $13.5 million in revenue, compared to last year’s $9 million.

The results are even more significant compared to the company’s $732,000 loss in FY19.

The new forecasts follow strong sales recorded throughout May and June.

Profits have been driven by Harris’ IT and Consumer Electronics (CE) division, as well as its new Pro-Hygiene division. The Pro-Hygiene department sells face masks, hand sanitiser, gloves, gowns and wipes.

Managing Director Garrison Huang is pleased with the profit turnaround.

“Strong sales growth continues in our IT division, driven by our strategy of product diversification including mobile accessories, IT consumable products such as inks and toners and gaming products,” he said.

“We are also looking to further build on the success of our personal protective equipment (PPE) division, Pro-Hygiene, in the year ahead,” he added.

Additionally, sales for antivirus software have increased after Harris undertook a number of marketing campaigns with ESET Australia, an antivirus protection pioneer.

Harris is up 5.88 per cent on the market this morning, trading for 3.6 cents each at 12:52 pm AEST.

HT8 by the numbers
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