PVCA back in the black as targets met
Trade employers association Print & Visual Communication Association has seen its figures move into positive territory for the first time since 2016, according to the 2019 annual report, which will be released to members on Friday.
The heartening news was welcomed by CEO Andrew Macaulay who said, “We are in the black. This is a great outcome, as we targeted. We are delighted to announce the 2019 results. The ongoing drive to achieve operational efficiency is reaching its target. I commend the PVCA Board for their focus, and commitment to excellence.”
“The report shows that the association is now able to run sustainably without government funding, as has been the case in the past. There has been a revaluation of assets, which helped get us over the line, but our profit and loss balance sheet is very close.”
Since the GFC in 2008, the association has been buffeted like the rest of the trade, with membership falling as large numbers of businesses exited the industry, membership now sits at 733 print businesses.
The report shows that the association now has three full-time staff and four full-time equivalents: three in industrial relations and one in legal services. Full time staff include CEO Macaulay, finance manager Matt Schembri, and national events manager Jacobena Mills. There are no plans to increase this number this year.
Macaulay said, “It has been pleasing to broaden our member services this year with the addition of Legal Services. This has been particularly well received during Covid for the new commercial leasing arrangements.”
The 2019 figures showed expenses down, with staffing costs falling to $817,000 from $1m the previous year, and operating costs down to $763,000 from $825,000 in 2018. Revenue rose by a third to $1.8m, with revaluation of the investment properties in QLD, WA and SA, increase in rental revenue, and increase in other income, all contributing. Membership subscriptions fell to $759,000 from $993,000 as member companies merged, and companies reduced their staffing levels.
Total expenses were $1.9m, down from the $2.05m the previous year. Expenses minus income gave a deficit of $79,000, however a revaluation of land and buildings which saw a gain of $174,000 put the overall figure $95,000 into the black. Last year it was $847,000 in the red.
Total current assets are $695,000, with non-current assets $6.24m, giving total assets of $6.93m, up from last year's $6.89m. Total current liabilities are $518,000 with another $20,000 in non-current liabilities, for a total figure of $538,000. This gives a total assets figure of $6.4m, up from $6.3m in 2018.
It was 2016 when PIAA, as it was then, was last in the black, to the tune of $386,000. In 2017 it was $1.27m in the red, in 2018 it was $847,000 in rouge. In its annual report of 2017, the association said it intended to get back into the black in three years' time, which it has now done.
The 2019 PVCA annual report will be presented to members at the AGM on Friday 12 June, with Covid restrictions sending the event onto Zoom. The PVCA Board currently comprises Walter Kuhn (president), Richard Celarc (vice president), John Georgantzakos (treasurer), Theo Pettaras (secretary), Tom Eckersley, Martin Guilliamse, and Kevin Pidgeon.