PVCA going into merger on strong financial footing

The Print & Visual Communication Association is going into its merger with The Real Media Collective on a strong financial footing, and with membership rising, according to PVCA vice-president Walter Kuhn, speaking on the release of the 2021 financial report.

Kuhn said, “The PVCA is cash positive. We have brought the Association to a place where it is self-sustaining. The operational figures are good.

“Membership has risen strongly since the start of the new year, up by around 25 per cent, as printers around the country realise the advantages of being part of an association dedicated to their needs, especially useful in Covid and the constantly changing regulations.”

A $1.3m loss on a Perth property investment compared to its book value saw the 2021 figures for Print & Visual Communication Association hit the red to the tune of $1.45m for the year to December 2021. The property was found to be asbestos-ridden, leaving the PVCA with the choice to spend considerable sums rectifying it, or sell for the land value only. The board chose the latter. 

Membership to December 2021 slid by ten per cent from the previous year, to 528, with subs from members down by 20 per cent to $398,000 compared to 2020’s total of $495,000.

Operating costs were down from $826,000 to $522,000, while remuneration costs fell to just $83,000 from $462,000, mainly due to the end of former CEO Andrew Macaulay’s contract. In fact the association ended the year with no employees.

Rental revenue was halved to $105,000 with the sale of the Perth property, while administration expenses were reduced from $749,000 to $414,000.

At the end of the year the Association had $1.4m in cash, and $3.4m in non-current assets – primarily made up of $1.6m in land and buildings and $1.5 in an investment property – giving a total asset worth of $4.8m, down from $6.1m the year before. Liabilities rose to $464,000 from $323,000, with PVCA ending the year with net assets of $4.3m compared to $5.8m the year before.

The AGM of PVCA, the last before it merges with The Real Media Collective, will be held during PacPrint, on Thursday 30 June at 2.30pm in the Melbourne exhibition centre.

The merger is now expected to be expedited sometime in July or August, following a 100 per cent vote in favour by TRMC members. The new association will likely have a change of name. It will be by far the biggest association in the industry, and will effectively give the industry one voice.

The board will be drawn 50-50 from the two boards, with current PVCA president Peter Clark remaining in that role, and TRMC president and IVE CEO Matt Aitken becoming vice president. Kellie Northwood will be CEO, with Charles Watson the general manager IR and governance.