• Electronic consumer goods company Harris Technology Group (HT8) has reported a 51 per cent increase in revenue for the 2020 financial year
• Specifically, revenue for FY20 was $13,638,567, compared to $9,003,268 in FY19
• Harris also experienced a significant turnaround from FY19's operating net loss of $732,037 to making a net profit from operations of $1,009,522
• In terms of revenue, sales in the June quarter exceeded expectations with over $1 million in revenue reported
• This momentum continued into FY21, with Harris achieving a record monthly revenue of $3.44 million in July — this is a significant climb from the $780,000 in July last year
• Harris attributes its strong performance to branching into the sanitiser realm during COVID-19 and focusing on online channels as more people are buying online
• Harris recently raises $3.5 million and will soon raise a further $1.4 million - leaving it financially supported to drive further growth
• Company shares are trading steady at 16 cents in early afternoon trade

Electronic consumer goods company Harris Technology Group (HT8) has reported a 51 per cent increase in revenue for the 2020 financial year.

Specifically, revenue for FY20 was $13,638,567, compared to $9,003,268 in FY19.

Further, net profit from operations was $1,009,522. This marks a significant turnaround from FY19's operating net loss of $732,037.

Over the course of the 2020 financial year, Harris focused on developing its online IT and consumer electronics business as well as reviewing new opportunities. Namely, the company delved into the sanitiser craze that stemmed from COVID-19 earlier this year.

Harris launched its Pro-Hygiene division in April, which saw its shares skyrocket 232 per cent. 

The Pro-Hygiene range includes face masks, hand sanitiser gels and alcohol wipes. The range has recently been expanded to include a foot-operated hand sanitiser dispenser and a non-touch infrared thermometer.

Sales exceeded expectations with over $1 million in revenue recorded in the June quarter.

The sales momentum has continued into FY21 with Harris reporting a record amount of monthly revenue. In July alone, it achieved an unaudited revenue of $3.44 million. This is a significant climb from the $780,000 in July 2019.

Early in FY19, Harris sold its subsidiary, Anyware Corporation. This allows it to focus on developing its business-to-consumer (B2C) sales channels for IT and consumer electronic products.

Positively, COVID-19 caused a shift in the way consumers buy. According to the Australian Bureau of Statistics, online sales in Australia increased by 134 per cent in the June 2020 quarter.

As a result of increased working and learning from home, Harris experienced strong sales across its electronic goods and consumables such as mobile phone accessories, inks and toners, antivirus software and gaming products.

Of course, the company also attributes its positive performance to its strong distribution relationships with Amazon, Kogan, Catch, eBay, and more.

At the end of FY20, Harris had $1,171,184 in the bank, which marks a $162,768 increase from the $1,008,416 it started the financial year with.

In early August, Harris raised $3.5 million through a private placement. The company also shed light on its plan to raise a further $1.4 million through a share purchase plan.

"To date, the SPP is oversubscribed. We would like to thank our new and old shareholders for their support and look forward to delivering good shareholder returns in the coming months and years," CEO Garrison Huang said.

The share purchase plan will close on September 4.

With strong funding support and a shift in the way consumers shop, Harris believes it is well-positioned to capitalise on the 'retail revolution' over the next few years.

Company shares are trading steady at 16 cents in early afternoon trade.

Read the full article on The Market Herald here: https://themarketherald.com.au/harris-technology-group-asxht8-sees-51pc-increase-in-revenue-for-fy20-2020-09-01/