Harvest Technology plc - Quarterly Update

On 6 May 2021, Harvest Technology plc published a Quarterly Financial Update providing information about its performance in Q1 2021 when compared to the same period in 2020. In this respect, Harvest explained that it recorded a profit before tax of €1.12 million, representing an increase of 7% when compared to the projections at the time of the IPO, as well as a 34% improvement over the same period in 2020 on the back of improved business volumes and higher profit margins. In fact, the gross profit margin increased by 10 percentage points to 51% whilst the EBITDA margin improved by 9 percentage points to 30%.

Looking ahead, Harvest noted that as economies continue to adjust to the post-COVID era, it will maintain its commitment to investments with a view of supporting its growth strategy. Harvest reiterated its pre-tax profit target of €4 million for 2021 whilst also added that it expects to distribute an aggregate dividend amount similar to that distributed in 2020 (which amounted to a total net dividend of €0.06 per share), split over two interim payments during the course of 2021 and a final dividend in the first part of 2022.

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