When Harris Technology (ASX: HT8) started selling sanitary products amidst the global demand surge brought upon by the coronavirus pandemic, they estimated Q4 sales of around $400,000. Today they reported they have sold more than $1 million worth of their Pro-Hygiene products in April alone.
Whilst IT and electronics are Harris Technology’s flagship products, they made up just 61% of the Company’s $2.72m sales in April 2020. Comparatively, Harris Technology reported $3.4m in sales through Q3, highlighting the sales growth through April driven by the increase in home office sales from people working at home, and hygiene products brought upon by COVID-19.
The sales revenue follows a common trend amongst ASX-listed companies in 2020 which have pivoted their product offerings to capitalise on COVID-19 thematics.
With the sudden growth of Harris Technology’s new business, the Company has appointed sales agents in each Australian State whilst launching a new website to better delineate the products from their IT and e-commerce business.
Although social isolation restrictions are expected to be eased over the coming months, it is expected that many workers will continue working from home for the foreseeable future, driving demand for home office products.
Alongside this, Harris Technology anticipate sales of their Pro-Hygiene range to remain strong with products predominantly sourced from China to be sold in Australia with an average profit margin of 20%.
Following news of their impressive sanitary sales through April, shares in HT8 rose to an intraday high of $0.055, a rise of 83% on their previous days close of $0.03.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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