Gerry Harvey Credits Franchises For Huge Profit Increase

Current.com.au:

Harvey Norman Holdings Limited today announced a 46.8 per cent growth in profit before income tax for the six months to 31 December 2009, compared to the same period the year before.

In a notice to the Australian Securities Exchange today, Harvey Norman reported profit before tax of $237.77 million for the first half of FY2010. This is a sharp improvement on the 2009 figure: $161.96 million.

“I am pleased with our extremely solid result and we are determinedly optimistic about the remainder of the 2010 financial year,” said Harvey Norman chairman Gerry Harvey.

Harvey singled out the group’s franchising operations for particular success attribution.

Photo: Stephen Cooper.