Renaissance Group has posted an after tax profit of $473,000 for the first half of 2010, up 150 percent on the previous corresponding half year but well short of the after tax surplus of $1.46 million it announced for the corresponding 2008 half year. In the latest half year announcement, the company's revenue was up seven percent for the period year on year, to $100.8 million. Net debt was reduced from $3 million to below $500,000.
For the full 2009 year it posted a before tax loss of $2.7 million.
CEO Richard Webb says Renaissance began the year by restructuring the business around clients instead of products and encouraged staff to cross-sell the group's offerings to its 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,” he says.
Read more at Reseller News.