Renaissance slashes forecast

Electronics and IT company Renaissance has taken the axe to its profit forecast for this year, saying results in the past two months "have not met expectations".

The company, which had been forecasting a profit slightly ahead of last year's $5.2 million, now says it will make somewhere between $3 million and $3.5 million in the year to December. The share price dipped 2 cents to 45c.

"Results for the remainder of the year are at best uncertain because of deferrals on some significant orders, the impact of exchange rate fluctuations and the important Christmas trading period," the company said.

The data insurance business the company launched in September had incurred losses in its start-up phase.

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