Renaissance thankful for 'brave' restructuring

Renaissance, the local distributor for Apple, says restructuring more than three years ago has put the company on the road to a record profit this year.

Net profit of $1.93 million for the six months to June 30 was up 150 per cent on profit of $775,000 for the same period last year.

Revenue was $69.5 million, up from $51.2 million last year.

The company will pay a fully imputed dividend of 4c a share on October 7.

Managing director Paul Johnston says the second half of the year will continue to show solid growth.

"At this point in time, unless something dramatic goes wrong with the economy, which it doesn't look like ... we're looking for a record profit for the full year."

Renaissance shares finished the day up 8c at $1.30 a share.

He put the increase in profit down to a restructuring of the-then loss-making company about 3 1/2 years ago, that halved its size.

He said Renaissance moved away from competing in the mass distribution market and "went back to doing what we do best, which was to take brands and represent them in New Zealand".

This strategy includes marketing, technical support and channel development of about 30 brands including Apple, Asus and Palm which, Johnston says, gives the company greater opportunity to add value.

"Most people at the time thought it was a brave move and there was some debate as to whether we would survive it," he said.

"We were absolutely committed [that] it was the right move to make and thankfully the move has been vindicated."

Listed in 1968, the company moved from mineral mining into information technology in 1994.

Renaissance is the parent of three trading companies working in brand representation, e-business, education and computer and server assembly.