Renaissance on path to profit recovery

Renaissance on path to profit recovery

After posting a before tax loss of $2.7 million in 2009, Renaissance has recorded a before tax profit of $466,000 for the nine months to September 2010.

The company’s revenue increased 10 percent from 31 December to 30 December, compared to the same nine month period in 2009.

Renaissance Group previously posted an after tax profit of $473,000 for the first half of the year, which was a 150 percent increase on the previous corresponding half year but was well short of the after tax surplus of $1.46 million it announced for the corresponding 2008 half year.

In March, the company advised shareholders it was forecasting top line revenue of $205 million and EBITDA of $3.5 million for the year to December 2010. Final figures show that EBIT in the nine months to September 2010 sit at $675,000.

Renaissance describes 2010 as “a year of considerable change”, with Richard Webb taking over as CEO in January, followed by Shaun Rendell, who joined the company as chief financial officer in March. Additionally, Apple announced a second distributor in New Zealand back in September.

“During the last nine months we scrutinised all of our business activities. We continue to invest in the traditional parts of our business such as service, training, supply chain application development, and online commerce. We are also exploring new retail concepts, researching expansion opportunities for our education and training business units, building expertise in mobility application development, and developing new IP addressable appliances”, commented the CEO.

According to Colin Giffney, Renaissance’s chairman, “We cannot discount that there may be a few bumps along the path, but we continue to be encouraged that we are going in the right direction.”

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