Tech distribution and education company Renaissance has announced that its MagnumMac retail business has returned to profitability six months ahead of plan.

The positive news comes on the back of a 17% growth in revenue for the first three months of this year.

Renaissance Group had originally expected MagnumMac wouldn’t return to profitable trading until the end of 2010.

The Renaissance retail business, comprised of seven MagnumMac stores across New Zealand, weathered a “challenging environment” in 2009, according to the company.

Paul Johnston is back in the IT distribution game, poised to open a local subsidiary of UK-founded company Simms International.

The high-profile tech industry veteran quit Renaissance ahead of Christmas, carrying the can for disappointing results at the $100 million turnover company (NZX: RNS).

Tough times at the $100 million technology and education company Renaissance have seen managing director Paul Johnston - one of the best-known characters on the New Zealand IT scene - exit stage left.

On Wednesday, Renaissance revised its full-year profit guidance down from $1.7 million - $2 million to $700,000.