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- Harris Technology Group’s (HT8) shares have soared over 56 per cent after reporting over $1 million in sales revenue for its Pro-Hygiene range
- This figure is significantly higher than the previously expected $400,000 for the entire June quarter
- Pro Hygiene includes face masks, hand sanitiser gels and alcohol wipes — all of which have been highly sought after during the COVID-19 pandemic
- Additionally, Harris had another record-breaking month of sales growth, achieving unaudited sales revenue of $1.68 million for its IT and consumer electronics e-commerce business
- Furthermore, the company expects the Pro-Hygiene division to continue achieving strong results for the foreseeable future
- Harris’ shares are up 56.7 per cent and are trading for 4.7 cents each
Harris Technology Group’s (HT8) shares have soared 56.7 per cent this afternoon after reporting higher-than-expected Pro-Hygiene sales.
Last month, the consumer goods company saw its shares skyrocket over 230 per cent when it announced the establishment of the Pro Hygiene range.
Pro Hygiene includes face masks, hand sanitiser gels and alcohol wipes – all of which have been highly sought after during the COVID-19 pandemic.
The company estimated Pro Hygiene would bring in roughly $400,000 in revenue for the June quarter. However, unaudited sales of Pro-Hygiene products for April alone was $1.05 million at a gross margin of 20 per cent.
Collectively, unaudited sales revenue for April for the IT and consumer electronics (CE) division, and the Pro-Hygiene division was $2.72 million. This compares with unaudited sales revenue for the whole March 2020 quarter of $3.4 million.
For its IT and CE e-commerce business alone, Harris had another record-breaking month on substantial sales growth, achieving unaudited sales revenue of $1.68 million in April.
Will Pro Hygiene’s sales momentum continue?
Harris’ Board expects the Pro-Hygiene division to continue achieving strong results for the foreseeable future.
The company has expanded its product range by securing non-exclusive Australian distribution rights for the “Tender Kiss” brand of alcohol tissues from Guangzhou Baihua Sanitary Products. The tissues are being imported from China and sales of the brand will commence this month.
HT8 is confident that supplies of products from China should continue, as the first shipment of Guangzhou Gotdya Fine Chemicals’ GOTDYA branded hand sanitisers have arrived and sales have begun.
Harris has managed to establish a national network of sales agents to sell the highly-sought Pro-Hygiene products. Specifically, one agent has been appointed for each Australian state and each agent is entitled to commission-only on sales.
To support online sales, HT8 successfully registered a website domain for Pro Hygiene, which is currently pointed to HT8’s e-commerce site.
The company has focused largely on its e-commerce business which is a testament to recent sales growth.
“As a business, we have restructured and are able to play the online e-commerce game seriously,” Harris CEO and Managing Director Garrison Huang said.
Harris’ shares are up a significant 56.7 per cent and are trading for 4.7 cents each at 2:31 pm AEST.
