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HT8 - HARRIS TECHNOLOGY GROUP LIMITED


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Harris Technology Group Limited (HT8) is involved in technology distribution and online retailing. The Company is engaged in online e-commerce destination in Australia.

 

Between its own e-commerce site and its presence on Amazon Australia, Catch, Kogan and eBay, Harris generated $1.6 million in sales in March 2020, compared to $716,000 in March 2019. Higher demand has been driven by the establishment of home offices and home schooling by consumers as a result of the current government requirements (Covid lockdown).

 

âہ“Total revenue for the March 2020 quarter is $3.4 million compared to the March 2019 quarter of $2.3 million,â€Â said Harris CEO Garrison Huang. "Management attributes the increase in sales to strategically leveraging off the marketing and distribution power of the major e-commerce platforms such as Amazon Australia, [and] higher demand driven by the establishment of home offices and home schooling by consumers as a result of the current government requirements.â€ÂÂ

As well, by April, the group established its Pro-Hygiene range of products including facemasks, hand sanitiser gels and alcohol wipes. The company sold an initial 30,000 face masks in March, and a new shipment of 200,000 TGA approved face masks were imported for sale in late April.

 

Sales of Pro-Hygiene products alone for April 2020 were $1.05 million (unaudited) with strong gross margins of 20%. ..in just one month Pro-Hygiene sales have exceeded the June quarter guidance by 150%.

 

Harris has expanded its product range by securing the non-exclusive Australian distribution rights for the âہ“Tender Kissâ€Â brand of alcohol tissues from Guangzhou Baihua Sanitary Products Co. The tissues are being imported from China and sales of the brand will commence this month.

 

Harris is confident that supplies of products in China should continue, and the distribution rights are ongoing with no specific termination date. A national network of sales agents to sell Pro-Hygiene products has been established, and one agent has been appointed for each state of Australia.

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  • 2 months later...

06/08

1. Is HT8 aware of any information concerning it that has not been announced to the market which, if known

by some in the market, could explain the recent trading in its securities?

 

1. No.

 

07/08

1. the trading halt is requested pending an announcement by HT8 in relation to a proposed

capital raising;

 

cue 'curb your enthusiasm' theme

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  • 8 months later...

Harris Technology breaks another quarterly sale record

... HT8 up 10% as it continues to grow its biz .

Highlights:

 

• Record breaking Q3 sales of $10.4M (unaudited) compared to same quarter last year at $3.4M ... 206% year-on-year growth.

• Total revenue to March 2021 has exceeded $30M (unaudited) comparing same period last year of $7.48M .... 300% year-on-year growth.

• Gaming product sales are contributing strongly to the growth of the business.

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  • 4 months later...
  • 3 weeks later...

Highlights for FY21 :

 

• $41.8M revenue, a 206% increase (FY20: $13.6M)

• $1.75M net profit after tax, a 73.6% increase (FY20: $1.0M)

• Net assets of $7.66M, turnaround from FY20 net liabilities of $3.9M

• Number 1 marketplace seller on Amazon Australia since July 2020

• Major growth on eBay Australia with $1M monthly sales achieved in June 2021

 

The 206% increase in revenue can be partially attributed to growth in the online sector. Harris Technology had already begun a pivot to become a pure play online retailer prior to the COVID 19 pandemic. This ensured the company was able to move with agility and respond quickly to consumer trends which saw new revenue streams from its personal protective equipment (PPE) range at the start of the reporting period. Expansion into the Gaming category also assisted revenue growth as gaming emerged as one of the most popular forms of entertainment during lockdowns.

 

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  • 6 months later...

but all is not as it seems.  Despite all the glam words and buzz phrases, the outfit seems to be at the whim of Directors and their transfer of prices between parties. One way to enhance the balance sheet.

The ASX has determined that Harris has failed to obtain security holder approval as required by ASX listing rule 10.1 for 14 separate transactions entered into by Harris from 2016 to 2020.  

ASX listing rule 10.1 requires a company to ensure that neither it nor its subsidiaries acquires or agrees to acquire a substantial asset from certain entities including a related party and associates. 

In light of those breaches, the ASX has advised Harris of the following required remedial actions:  

1. Harris must issue this ASX announcement; and 

2. Harris is required to convene a meeting of security holders to seek approval for each of the 14 transactions under Listing Rule 10.1. The meeting at which the resolutions will be put is to be held on or before 1 August 2022

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  • ShareCafe Admin changed the title to HT8 - HARRIS TECHNOLOGY GROUP LIMITED
  • 1 month later...

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