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Renaissance forecasts small profit gain

Tuesday 29th July 2008

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Renaissance Corp, an e-commerce, software and IT sales group, reiterated its forecast for a "small" increase in full-year profit.

The company, which is New Zealand's largest reseller of Apple products through its MagnumMac unit, today posted a 20% gain in first-half earnings to NZ$1.5 million. It expects to exceed last year's $5.2 million in the full year, it said in a statement.

Renaissance stock rose 10% to 55 cents, paring its decline this year to 32%. Market conditions "are likely to remain difficult for at least the remainder of the year," the company said.

Sales rose 9% to $95 million. The company said it is seeking acquisitions and investments in the "digital economy."

By Jonathan Underhill

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