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In it's Full Year Report for Year End 2004, Renaissance Corporation (the exclusive Distributor of Apple products in New Zealand) announced a 72% increase in aftertax profits for their 2004 result.

The audited profit after-tax of $2.3 million for the 12 months ended 31 December 2004 compares with a profit of $1.3 million for the 2003 year.

The worldwide success of the iPod was reflected in the performance of its Apple Computer Division, although sales growth was not limited to this product. A new model iMac started shipping in October and this ensured a strong final quarter. Apple's traditional product line-up posted record sales for the year.

Renaissance saw significant growth in most of its key markets including retail, networking and security, communications and education. This was especially noticeable in the second half of the year when the Group was successful in securing several large contracts. The majority of this growth was achieved with brands the Group has represented for several years. This resulted in a 31% year-on-year increase in revenue from continuing activities.

Itas, which provides software and hardware solutions to the primary and secondary education market, had some notable successes but was not a contributor to profits in its own right for the year. The front-end costs of securing and implementing major contracts outweighed initial revenue. Nonetheless most non-financial performance targets were met and their involvement in school software systems had considerable flow-on benefits for other Group divisions.

The Directors believe that, given relatively stable market conditions in 2005, the Group is well positioned to show further growth, increased profitability and positive shareholder returns.

More information (and the source of this news information) can be found in the companies report, available at:
http://www.renaissance.co.nz/investor.htm

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