MEDIA
RELEASE Australia’s engineering industry is now proving far better managed in terms of its cash flow than ever before, according to a funding expert. The engineering industry, which is notoriously competitive with a disturbing number of casualties, has recently proven to be part of a improving cash flow situation as more firms report being paid on time. This, in turn, has contributed to restoring better 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 improved by 20 percent," says Oxford Funding’s Rob Lamers. "This is among the best on our books and well ahead of most other areas of the manufacturing economy. The turn-around is a welcome improvement and we’re pleased to report our role in providing easy debtor finance has played a leading part." Oxford Funding is a national debtor financing company whose financial products include an invoice factoring service to many industries, including engineering. It is a wholly owned subsidiary of the Bendigo Bank Group. An internal review of its operations to monitor how various sectors are performing revealed that an increasing number of engineering businesses are now taking advantage of achieving a boost to cash flow. "With our business of collecting outstanding monies across many industries, we’re happy to report engineering is improving all the time as more businesses become our customers. We have experienced a reduction in average days outstanding from 63 to 48 days in just a 12 month period which is about the best on our books. "Clearly, the engineering industry
is taking advantage of top financial help." Lamers said. ENDS Contact Oxford
Funding on 1800 850 509 or www.oxfordfunding.com.au |
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