Digital technology firm Renaissance Group has announced a 10% rise in revenues, but its chairman warns the future may have a "few bumps along the path."READ ALSO: Ingram Micro nabs iPad co-distributorship
Digital technology firm Renaissance Group has announced a 10% rise in revenues, but its chairman warns the future may have a "few bumps along the path."
READ ALSO: Ingram Micro nabs iPad co-distributorship
In the nine-month period to September, operating revenue rose from $140 milion to $154m, ebitda more than doubled from $0.92m to $1.99m. Net cash at the end of the 2010 period was reported at over $3m. The nine months to September 2009 recorded a $1.1m loss before tax, compared with the $0.5m profit announced after the market closed yesterday.
Renaissance changed its reporting period this year from December to September, and the only comparable results filed today with the NZX are for the nine months ending September 2010 with the same period the year before.
Chairman Colin Giffney said he was heartened by the "good headway" made, but warned that the way ahead was not necessarily smooth: "We cannot discount that there may be a few bumps along the path, but we continue to be encouraged that we are going in the right direction," Mr Giffney said.
2010 has seen significant change at the executive level for the company. chief executive Richard Webb joined in January, chief financial officer Shaun Rendell in March, and in July company founder Warwick Grey rejoined Renaissance as chief marketing officer after a 15 year hiatus with other business interests.
Renaissance is a technology distribution company, most visibly through Apple specialist MagnumMac.
Renaissance shares (NZX: RNS) were down 3.2% in midday trading.
