Harris’ half yearly net profit rockets to over 700% growth

Harris’ half yearly net profit rockets to over 700% growth

Revenue also up 365 per cent, to $19.4 million

Garrison Huang (Harris Technology)

Garrison Huang (Harris Technology)

Credit: IDG

Online IT equipment retailer Harris Technology has recorded a significant surge in its net profit from continuing operations, which grew by 741 per cent, year-on-year, to just above $1 million during the half year ending 31 December 2020.

This is a substantial turn around from the same period last year, which sat at a loss of $165,684.

The result comes from its financial report for the half year, which also noted that the retailer’s revenue from continuing operations for the the period was $19.4 million, an increase of 365 per cent from the first half of FY20.

“Harris Technology has been a well-known brand in IT retailing for more than 30 years and has experienced its highs and lows. I am pleased that we are able to revive this strong name by focusing on its strong online DNA,” said Garrison Huang, Harris CEO to ARN

“We were very well supported by many of our vendors and distributors especially in 2020. Our employees also put in a lot of hard work during the recent challenging time. Our strategy is working and I look forward to continuing the growth momentum in the months and years to come.”

While the report gave no indication as to the reason behind the after tax profitability surge, previous announcements by Harris may point to why the retailer had a successful half year.

Its Black Friday and Cyber Monday period, from 27 to 30 November, proved to be particularly beneficial, with it announcing on 7 December that it saw $729,000 in sales over the period.

The first two days of that period ended with $235,000 and $275,000 in sales, respectively, with the retailer noting at the time that these both broke the daily sales record in the history of the retailer.

By comparison, the November 2020 average daily sales prior to the event was $67,000.

The retailer was also appointed as an authorised reseller for a number of brands during the period, including Apple, Google Chrome, Microsoft Surface, APC by Schneider Electric and gaming accessory manufacturer SteelSeries.

The latter relationship was announced on 25 January, with Harris flagging that its gaming products business had grown with an additional specialist employee to launch a new line of customised gaming PC systems.

However, its Pro-Hygiene business had “slowed significantly” due to an abundance of supply and the easing of health restrictions — which is a reversal of its fortunes seen in its FY20 results, as it had previously “proved extremely successful in a very short period of time”, the retailer said back in August.

It also completed a private placement of 43.9 million shares at 8 cents per share to raise $3.5 million, also in August.

Regardless, Harris’ FY20 results also saw net profit from operations sitting just over the $1 million mark — up from an operating net loss the financial year prior. 

This return to profit came after the coronavirus pandemic gave it an unprecedented sales jump, which it flagged in May and April last year. 

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