Harris (ASX: HT8) reported a record-breaking sales revenue

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Harris (ASX: HT8) reported a record-breaking sales revenue

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  • Harris Technology group Limited released the quarterly activity report for September Quarter, FY22.
  • Sales revenue of AU$15.1 million has been reported for the September quarter.
  • The sales revenue has been 54% higher than the previous quarter.

Harris Technology Group Limited (ASX: HT8) has released a Quarterly activity report resulting in an increase in the share prices by 6% during the trading hours.

Some records have been broken by Harris Technology, so let’s have a look at the same.

Operational Updates

Harris reported a new quarterly record with the sales revenue of AU$15.1 million for the September quarter, which is 54% higher than the previous quarter.

The sales of consumer and technology electronic products have been driven by numerous market channels such as Amazon AU. Harris has been able to maintain its number 1 rating on the Amazon AU as the company has received 100% positive reviews from last year. The majority of the platforms like eBay, Kogan, catch and MyDeal has reported a quarter-to-quarter increase in sales.

Harris Technology website has been launched and further improvements are been made as per the customer reviews. The company is working on back-end ERP integration and achieving a balance between profitability and growth.

Inventory Update

Supply chain delay has become a common phenomenon in the international market due to a shortage of chipsets, but Harris has maintained its inventory with the help of domestic and international vendors. An 18% quarter-to-quarter increase has been reported by Harris and it was funded through free cash flow.

Cash flow update

The cash flow from the operating activities have been positive – AU$502,000 along with the repaid borrowings of AU$255,000.

Garrison Huang, CEO of Harris Technology commented on the quarterly update,

Shares of Harris technology closed at AU$0.125 with the market capitalisation of 24.99 million.

Bottom Line

IT products eCommerce company, Harris Technology provided quarterly updates through the ASX announcement, reporting recording-breaking sales in the September quarter of AU$15.1 million. The operating cash flow has remained positive. The company is planning to expand their website by implementing continuous improvements. It will be fascinating to see how an updated website impacts the company’s revenues.


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