Renaissance profit down but recovery anticipated

Renaissance profit down but recovery anticipated

Distributor targets full year profit of at least $1.7 million.

Distributor Renaissance reported a net profit before tax of $280,000 in the six months to June 30, down from $2.1 million in the half year to June 2008. However, sales of $94.56 million were at about the same level as last year.

Reduced margins resulted in an 87 percent fall in bottom line profit.

Despite what the company calls difficult trading, it has reduced net debt in the balance sheet from $4.737 million at December 2008 to $2.85 million at June and is continuing to work on reducing its overall bank debt.

In July Renaissance opened a new MagnumMac store in Christchurch and the company reports that initial trade in the store has been encouraging.

The company is targeting a profit before tax of between $1.7 million and $2 million for the full year.

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