Profits surge 250% at PMA Solutions as safety division ‘outperforms’

The company notched sales of $40.5m for the year ending 30 June 2010, up 5% from $38.5m the year before. Net profit rose 253% from $376,785 in 2008/09 to $1.33m in 2009/10.

However, its cash position was down 53% from $1.26m in 2008/09 to $586,143 for 2009/10. Finance manager Sebastian Madeja told ProPrint the decline in cash flow was “predominately as a result of flat receipts from clients”.

“The cause [was] the high billings in the final months of the year that were not collected within the year,” he said.

Meanwhile, plant asset value rose 67% year-on-year from $1.07m to $1.78m, as the company fitted out and moved to a new warehouse facility in the western Sydney suburb of Erskine Park. The company first announced the move in November 2008.

Madeja said PMA’s profit rise resulted from “organic growth”, while the company’s safety division “continues to outperform”.

PMA Solutions set up its safety products division in 2007. The company was established by managing director Phil Okill in 1988 as Print Management Australia.

Overall, Madeja said that the company was “very excited’ with the results.

“The whole team worked really hard to bring the results over the line,” he said.

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