Publicly listed online IT equipment retailer Harris Technology Group is expecting its profit before tax to return to black, estimating $1.1 million for the financial year ending June 30.
The forecast marks a sharp uplift from its previous profit loss in FY19 of $732,000. Revenue for FY20 is also tipped to hit $13.5 million, a rise from last year's $9 million.
In a statement to shareholders, the company said its revised profit and revenue forecast comes on the back of confirmation of strong sales during May and June.
Sales of anti-virus software Eset have increased and are expected to continue to contribute to Harris' growth as a result of undertaking a number of marketing campaigns. The campaigns included free offers to customers designed to assist them during the COVID-19 pandemic.
Harris Technology managing director Garrison Huang said strong sales growth within its IT division was driven by its strategy to diversify its product range to include mobile accessories, IT consumable products such as inks and toners and gaming products.
“We are also looking to further build on the success of our personal protective equipment (PPE) division, Pro-Hygiene, in the year ahead,” Huang said.
This follows a recent update, whereby the company said it would be $700,000 in the black, but sales have continued to ramp up.