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Grim reading as Renaissance outlines bleak future plans...

30 Jun 14

Struggling Renaissance has released its interim report, outlining the company’s grim future to shareholders.

According to the embattled business, the profit and loss for the period to March 31 2014 is “barely relevant”, with the accounts recording an operating loss for the 6-month period of $129,000.

This was the combined effect of profits in the Yoobee School of Design to February 28 and losses in Yoobee Retail to March 7.

The profit on sale of the Yoobee School of Design however, defined as a discontinued operation at the September 30 balance date, boosted Group profit to $6.45m for the period.

“Renaissance has sold all of its operating businesses,” writes Colin Giffney, chairman, Renaissance. “It holds a cash sum and is resolving longer-term contracts, obligations and contingencies.

“At the Annual General Meeting on April 11 we disclosed a pro-forma balance sheet at March 31.

“Our interim statement confirms that statement. Of greater relevance is where we have got to at today, May 29 2014.”

The table below summarises these results:

State of Play…

While Renaissance no longer has any operating activities, the company formerly conducted its business under three operating segments, NZ Sales, Education and Retail.

The Group was previously organised into the following business segments by product and service type.

NZ Sales - markets and sells digital technology products and services in all areas of New Zealand through education, enterprise, government and small to medium business market segments. This was discontinued in the 2013 financial period.

Education - YOOBEE School of Design Limited provides a range of training courses designed to give its tertiary level students the technical skill required for a career in the creative digital industry.

This was discontinued in the 2014 financial period.

Retail - markets and sells Apple products, associated peripheral hardware and computer software to its digital technology consumers through its YOOBEE retail outlets and online store. This was discontinued in the 2014 financial period.

Future plans…

“While we have had proposals for back door listings your directors still believe that the best outcome is to return cash to shareholders so they can make their own decisions with the funds returned,” Giffney adds.

“We continue to work to that end as quickly as we can.”

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