--The below is a company sponsored announcement--
The strong news flow from IT and consumer electronics vendor
The company is forecasting a profit before income tax for the year ended
This compares with a loss before income tax (excluding discontinued operations) of
Consequently, this year will not only see a sharp uptick in revenues, but also a material profit.
The increase in annual revenue and profit has been driven by growth in
The latter has opened up enormous new opportunities for the group as it involves the sale of protective hygiene products including facemasks, hand sanitiser gels and alcohol wipes.
While there are obvious demand drivers in the coronavirus environment, it is anticipated that there will be a substantial increase in the use of these products post-COVID-19 now that there is increased public awareness of the importance of personal hygiene and the need to maintain high standards of cleanliness in places such as businesses, public transport and homes.
Governments and health organisations will be better prepared for spikes in demand in the future, and they are likely to stock a much more extensive range of protective hygiene products after experiencing shortages of items such as facemasks during the pandemic.
Consequently, Harris' transformation to a profitable enterprise could well be the start of a strong and sustained earnings growth trajectory.
Benefiting from supply chain relationships
Harris' move into the PPE industry took advantage of the company's years of experience in product sourcing and relationship building, differentiating it from fly by night opportunists.
The establishment of the Pro-Hygiene range is a long-term strategy as management expects spending by consumers on PPE products will be far greater in 2020 and onwards than it has been in the past.
Harris was authorised by
The company had sold an initial 30,000 face masks in March, and a new shipment of 200,000 TGA approved face masks arrived in
HT8 has been appointed by
The first shipment of 90,000 units of GOTDYA brand sanitisers arrived this month and these are now being sold in
Orders have been placed for a further 225,000 units of hand sanitisers.
Harris has expanded its product range by securing the non-exclusive Australian distribution rights for the "Tender Kiss" brand of alcohol tissues from
The tissues are being imported from
The distribution rights are ongoing with no specific termination date.
Management is continuing to develop strategies to expand its online offerings in the IT/CE division to build on the momentum generated in the first half of the calendar year 2020.
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