Renaissance revenue up, debt reduced

As predicted by The Channel last week, Renaissance has announced a healthy set of profits for the last six months.

"Our business has grown significantly in the last six months, as you’ll see in our upcoming earnings announcement," CEO Richard Webb told us.

Today, the company has reported that profits increased by 150% for the first half of 2010 compared to the same period for 2009.

Revenue increased 7% for the same period and net debt has been reduced from $3 million to less than $500,000.

“We’re delighted with the turnaround of the business in the last six months,” said CEO Richard Webb. “We began the year by restructuring the business around clients instead of products and encouraged our staff to cross-sell the entire group offering to our retail and reseller community. Despite the impact of restructuring costs we delivered top line revenue growth across all sectors, introduced a wide range of new service offerings and continued to add class leading vendors to our distribution business.”

Webb said that the firm is implementing a new customer relationship management platform.

“We have a new brand and corporate identity which we will launch shortly (see this Channel-exclusive story about the YooBee brand) and we have several innovative product offerings in the pipeline. One of the most exciting developments is a range of collaboration and client engagement appliances that will deliver significant capabilities and genuine cost-savings to New Zealand businesses. We expect to bring these products to market in the next quarter.”

Webb also revealed, “We have a new retail concept in development which we are confident will change the face of technology retailing and deliver a customer experience not previously seen in New Zealand.”

More soon.