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- Harris Technology Group (HT8) is expecting last year’s eCommerce boom to catapult the online reseller into profitability after years labouring in the red
- In its as-yet unreleased half-year financials, the company is forecasting a net profit before tax of between $1 million and $1.1 million, compared to a net loss of $165,000 in 2019’s same half
- With online retail booming under the pandemic, Harris’s Amazon reseller segment has gone gangbusters, pulling in over $729,000 between Black Friday and Cyber Monday alone
- In another positive turn, Harris’s online retail segment is set to grow even further after recently nabbing reseller and partner authorisations for various Apple, Google Chrome and Microsoft branded technology
- In a recent statement, Harris Chairman Andrew Plympton attributed the company’s turnaround to the sale of the Anyware business and the removal of overheads
- Harris Technology is trading in the grey at 14 cents per share
Harris Technology Group (HT8) is expecting last year’s eCommerce boom to catapult the online reseller into profitability after years labouring in the red.
In its as-yet unreleased half-year financials, the company is forecasting a net profit before tax of between $1 million and $1.1 million — a stellar result compared to a net loss of $165,000 in 2019’s same half.
With online retail booming under the pandemic, Harris’s Amazon reseller segment has gone gangbusters, pulling in over $729,000 between Black Friday and Cyber Monday alone.
The company’s impressive journey to profitability didn’t go unnoticed by investors during 2020. After entering last year at 1 cent a share, HT8 shares are currently floating around at around 14 cents apiece.
In another positive turn, Harris’s reseller segment is set to grow even further after it nabbed reseller and partner authorisations for various Apple, Google Chrome and Microsoft branded technology. The company has also partnered with power supply vendor APC and picked up another authorised reseller deal with gaming brand SteelSeries, bolstering its available tech portfolio even further.
In a recent statement, Harris Chairman Andrew Plympton also attributed the company’s turnaround to the sale of the Anyware business and the removal of overheads.
It is worth noting, however, that these results remain unaudited.
The company’s official half-year financials are set for release on February 26, so investors will have to wait to get a fuller picture of the company’s apparent recent success.
Harris Technology is trading in the grey at 14 cents per share at 11:46 am AEDT.
