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Renaissance pleased with profit

30 Nov 2010

Renaissance has said it returned to profitability in the nine months to September 30th, 2010.

The company changed the balance date in 2010 from 31 December to 30 September to move “the volatile December quarter to the first quarter of the new reporting period”.

“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”, said CEO Richard Webb.

“Apple announced the addition of a second distributor in the New Zealand market in September and the IT industry continues to exhibit significant structural changes related to the introduction of virtualisation and cloud computing. To better align our business for this new competitive landscape a number of people have been recruited with new skill sets to help expand our business in this ever changing environment”, added Webb.

The firm also said that revenue had increased 10% for the comparable 9-month period in 2009, generating a positive net operating cashflow. It finished the year with net cash of over $3 million.

Chairman Colin Giffney continued, “It was pleasing to return to profit. While we have made good headway in 2010, we aim for much better returns in future years. 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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