Harris Technology Group Limited announced its 1HFY23 results

Harris Technology Group Limited (ASX: HT8) announced its 1HFY23 as follows:

• In 1HFY23, the company generated AU$15.4 million in sales revenue. The decrease in sales revenue from AU$28.5 million in 1HFY22 was due to decreased customer demand and a strategic evaluation, phasing out underperforming goods.
• The Company made good progress in lessening its inventory holding. Thus, improving its cash position. By the end of 31 December 2022, inventory on hand was AU$6 million, down 38% from AU$9.8 million on 30 June 2022.
• The firm generated operating cash flow of AU$1.3 million. It is a significant increase over the previous year (1HFY22: AU$1.8 million outflow), leaving the firm with AU$3.06 million in cash by the end of 2022.
• For the reporting period, declining demand and clearance sales amounted to an EBITDA loss of AU$1.03 million.

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