Harris Technology receives top Amazon ranking as earnings continue to grow

By Trevor Hoey. Published at Jul 16, 2020, in Small Caps

Shares in Harris Technology Group Limited (ASX:HT8) have rallied strongly in the last three months with a key driver being the group’s establishment of a new line of protective hygiene products known as ‘Pro-Hygiene’.

Providing further momentum was a profit upgrade in June, but the company has received positive news on another front.

Management recently noted that Harris Technology had been rated as the top-ranked market place seller on Amazon Australia by independent US market research firm Marketplace Pulse.

The ranking is based on customer feedback following purchases on the Amazon Australia platform.

Commenting on this achievement, chief executive Garrison Huang said, “We are delighted to achieve the top Amazon Australia seller ranking, and are grateful for all the customer reviews and feedback received.

‘’We have been able to take advantage of Amazon Australia’s strong logistic and marketing power to grow our footprints on Amazon.

“Our strategy of working in partnership with the major e-commerce platforms is certainly contributing to our bottom line, with online sales growing substantially over the past year.

‘’We are continuously working closely with platforms such as Amazon, Kogan, Catch and eBay to complement the product offerings by leveraging HT’s expertise and knowledge in IT/CE products.”

These positive developments have underpinned a significant financial turnaround in fiscal 2020 as Harris delivered an annual net profit before tax in excess of $1.1 million (unaudited), compared to the previous year’s $732,000 loss.

Further profit growth in fiscal 2021

Management is expecting another year of ‘’exceptional’’ growth in fiscal 2021.

Given the expansion in the company’s product range, as well as increasing consumer and commercial demand for these types of products, particularly as regions experience second waves of COVID, Harris could experience significant sales growth.

The company has recently expanded product coverage from the existing range of face masks, hand sanitisers, alcohol wipes.

Harris has co-developed a foot-operated hand sanitiser dispenser which ensures non-contact dispensing.

The first trial order of 500 pcs is now in production.

There is also a shipment of 1000pc of non-touch infrared thermometers in transit to arrive at the end of July.

Sales of Pro-Hygiene PPE products have exceeded $1.4 million since launching.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

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S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

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