Renaissance managing director Paul Johnston has resigned following the company’s downgrading of its guidance for its full-year profit.
On Wednesday, Renaissance announced that it had revised its guidance for the full-year result from a projected $1.7-$2 million to $700,000.
Renaissance is banking on boosting its education and retail business in a continued bid to reverse a trend of falling profits.
In March, when IT distributor Renaissance Corporation told the stock exchange it had decided to cut its online data insurance and digital media business and write down the company’s investment, it was already feeling the effects of the global economic contraction.
Distributor Renaissance’s net profit before tax has fallen 70% year on year, down from $5.13m for the full year to December 2007 to $1.54m in 2008.
The education division of NZX-listed IT distributor Renaissance has inked an agreement to acquire the business of Wellington–based computer reseller Educational Computers (NZ).
Renaissance Corporation boosted profit by 20% for the six months to 30 June, it announced to the NZX late yesterday.
Apple has changed its supply arrangements in New Zealand, causing shares in its current sole distributor Renaissance Corporation to fall sharply today.