Harris revenue falls but Angrisani is upbeat on margin rise

Revenue for the three months ended 31 December was $39.1m, compared to $44.9m a year ago, while operating income increased to $2.1m from $0.9m – a margin of 5.4% compared to 1.9%.

Angrisani said: “We made progress this quarter in improving our liquidity and profitability as a result of closely managing cash and our rightsizing efforts, both of which are core elements of our turnaround programme.

“Looking ahead, we continue to face and seek to address sales challenges in certain areas of our business, in part by replacing low margin work with projects that yield appropriate margins. Addressing these challenges is not a quick or easy process and in the interim will put downward pressure on revenue.”

Angrisani told investors: “Simply put, it’s the policy of the company right now and a driver of the turnaround efforts that we do not want to sell work that is unprofitable, as unfortunately has been the practice in the past.”

Half-year revenue was down 5% to $77.4m and operating losses widened to $3.8m from $0.4m.