- Harris Technology Group (HT8) posts a $1.75 million net profit after tax in FY21, a 73.6 per cent increase year on year
- The online technology retailer brought in $41.8 million in revenue over the year, a 206 per cent increase in FY20’s results
- HT8 improved its previous net liabilities of $3.9 million throughout the period, posting net assets of $7.66 million at the end of June
- It ended FY21 with 3.26 million and kept its title of number one seller on the Amazon Australia marketplace
- Company shares are trading steady at 11 cents each at 2:39 pm AEST
Harris Technology Group (HT8) posted a $1.75 million net profit after tax in FY21, a 73.6 per cent increase year on year.
The online technology retailer has posted its full year results and annual report for the 2021 financial year.
It revealed the business brought in $41.8 million in revenue over the year, a 206 per cent increase on FY20’s results.
Harris Technology has attributed the sales growth to its pivot to online-only sales on its own platform and across Amazon and eBay.
The company began offering personal protection equipment from early in 2020 and also recently moved into the gaming sector.
HT8 improved its net liabilities of $3.9 million throughout the period, posting net assets of $7.66 million at the end of June 30.
It ended FY21 with $3.26 million in the bank and carried out two capital raises throughout FY21.
Harris Technology CEO Garrison Huang said the company also ended the year having kept its title of number one seller on the Amazon Australia marketplace.
“This excellent result was achieved despite increased competition in both the tech retail and online retail spaces which had an impact on margins,” Mr Huang said. “But as a pure-play online retailer, it was pleasing that Harris Technology was able to maintain margins circa 18 per cent with a rapidly growing presence across all major eCommerce marketplaces.
“Going forward, Harris Technology is uniquely positioned to take advantage of the strong and sustained trend towards online shopping.
“We continue to benefit from new online traffic from marketing programs launched by platform owners and should continue to do so with planned
expansion into new product categories.”
Shares in Harris Technology Group were trading steady at 11 cents each at 2:39 pm AEST.