Harris Technology bumps up profit guidance

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Harris Technology bumps up profit guidance

Harris Technology’s turnaround is continuing to bear fruit as the company now expects to bring in more than $1 million in profit before tax at the end of the financial year.

The company updated its profit guidance from $700,000 in late May to $1.1 million due to strong sales in May and June to date. Revenue is projected to be $13 million for the period, up from $9 million in the financial year ended 30 June 2019.

The expected result is a significant turnaround from a loss of $732,000 in the last financial year.

Harris Technology managing director Garrison Huang said, “We are pleased by the substantial profit turnaround for FY2020, which has been further upgraded since our previous forecast announced in May.”

“Strong sales growth continues in our IT division, driven by our strategy of product diversification including mobile accessories, IT consumable products such as inks and toners, and gaming products,” he added.

Huang added that Harris was also looking to further build on the success of its personal protective equipment (PPE) division, Pro-Hygiene, in the year ahead.

Harris also cited strong antivirus sales from its subsidiary APCA Trading, a reseller and platinum partner of ESET Australia, crediting its several marketing campaigns with the vendor like free offers during the COVID-19 pandemic.

The company expects sales of ESET internet security and other antivirus software to increase in the coming months.

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