MEDIA
RELEASE Australia’s printing industry is in urgent need of a financial management upgrade, according to a funding expert. The printing industry, which is notoriously competitive with a disturbing number of casualties, is finding on-time client payment as difficult to maintain as realistic profit margins. ‘We’ve been operating in this industry for some time now but In just the past 12 month period we’ve found client payment times have blown out another 20 percent,’ says Oxford Funding’s Rob Lamers. ‘This is by far the worst of all the many industries with which we work and is a sign of how tough printing undeniably is. It is clearly a result of the over-supply of printers chasing a finite amount of work where clients are not only hanging out for the best price but also stretching payment times to the maximum.’ Oxford Funding is a national debtor financing company, whose financial products include an invoice factoring service to many industries, including printing. An internal review of its operations to monitor how various sectors are performing revealed that printing is not only a very hard industry in which to run a business but the clients are increasingly unwilling to pay on time. ‘With our expertise at collecting outstanding monies, we have experienced a blow-out in average days outstanding of from 51 to over 60 days in just a 12 month period which is the worst on our books. ‘Clearly, the printing industry needs all the financial help it can get.’ Lamers said. END Contact
Oxford Funding on 1800 850 509 or www.oxfordfunding.com.au |
||