Renaissance secures 20% profit jump

Renaissance secures 20% profit jump

Renaissance Corporation boosted profit by 20% for the six months to 30 June, it announced to the NZX late yesterday. Renaissance announced an unaudited surplus after tax of $1.46 million, up from $1.217 million for the same period last year.

Earnings before interest, tax and depreciation for the period were $3.4 million, up 31% from $2.6 million. Group revenues were $95.1 million, up 9%.

Renaissance managing director Paul Johnston says market conditions have been challenging.

"Given the climate we have been operating in, we believe the result is very positive and shows that our strategy of diversifying the group’s business continues to have the desired impact,” he says.

Johnston says there has seen "solid progress" in the company’s plan to expand its retail, education and digital services businesses.

“Following the acquisition of Natcoll last year, our education businesses have contributed an EBITDA of $1.5m in the half year to date. Pleasingly, the overall contribution by our education division to the group’s EBITDA before overheads rose from 12% to 34% in the half year,” Johnston says.

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