Non-food retailer Harvey Norman reported that net profit in the six months to December 31 rose to Aus$158.9m (£95.4m) from Aus$99.3m (£59.6m) the year before.

Profit from continuing operations soared 47% to Aus$237.8m (£142.7m). Consumer electronics performed strongly, despite the unwinding of one-off government stimulus cheques paid to consumers at the height of the downturn.

Harvey Norman’s franchisee sales revenue rose 7.7% to Aus$2.78bn (£1.67bn), while at company-owned stores it fell 7% to Aus$715.6m (£429.5m).