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HT8, Harris Technology Group Ltd
post Posted: May 19 2020, 01:04 PM
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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).

“Total revenue for the March 2020 quarter is $3.4 million compared to the March 2019 quarter of $2.3 million,” 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.”

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%. 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 “Tender Kiss” 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.

"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

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