Wellcom and Australia Post change direction

Wellcom and Australia Post have entered discussion to re-organise its joint venture iPrint Corporate.

Wayne Sidwell, Wellcom CEO says although the joint venture will not continue in its current form, “we have enjoyed, and continue to enjoy a great relationship with Australia Post.”

According to Sidwell, while he expects the re-organisation will have an impact on the financial result for FY11, there will be none in the results for FY11.

Julian Graham, CFO for Wellcom, could not disclose what form the relationship will take in the future, as discussions have yet to be finalised. “But given that the joint venture is due to change we felt that we should share this update with the market.