Friday 15th August 2003 |
Text too small? |
A closer look, however, reveals operating revenue was down 15% to $50.5 million against the previous period and much of the profit increase was attributable to a one-off cost of $528,000 during the same six months a year ago.
The company has operated in a torrid environment, though, and has undergone a rigorous cost-cutting programme, including downsizing inventory and reducing staff overheads.
With that in mind, most of Renaissance's troubles seem to be behind it, in particular the company's Conduit subsidiary, which can now cover costs with on-going revenues.
However, as the directors' noted at the time of the result, the PC and software market remains subdued while the relative strength of the Kiwi dollar and competitive pricing in the global IT market continue to put pressure on margins.
The company's emphasis on exclusive, value-added brands should at least produce more predictable results, the directors noted.
This year the shares have climbed from just over 20c to their current price of about 45c. But they are a long way from the dizzying highs of $1.20 in early 2001.
No comments yet
PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director
FBU - Retail Entitlement Offer Opens