Fuji Xerox New Zealand has provided an update on the company’s ongoing turnaround, based on its financial results for the financial year ended 31 March 2018 (FY2017).
In New Zealand, Fuji Xerox operates as two legal entities: Fuji Xerox New Zealand Limited and Fuji Xerox Finance Limited. For the combined company results, it reports a loss before tax of $12.4million compared with a loss of $14.9m, the previous year, which represents a 17 per cent year-on-year improvement. The company also reports positive operating cash flows and an improving working capital position, driven by a reduction in inventory, receivables, and borrowings.
Peter Thomas, managing director of Fuji Xerox New Zealand, says, “Fuji Xerox New Zealand is today a fundamentally different organisation. We have implemented a significant restructuring of our business, processes and culture. This has led us to re-focus on our core products and services for customers in New Zealand and is building the foundations for a long-term sustainable business.
“The FY2017 result captures only the early stages of this turnaround plan. I’m encouraged by the continued improvement in our financial performance in the first part of FY2018.”
The company says that the commitment from Fuji Xerox New Zealand’s parent company towards New Zealand is as resolute as ever in delivering world class document management solutions to customers in New Zealand.
It lists key operating highlights. In the last 18 months, Fuji Xerox New Zealand has:
- Continued to offer enterprise document solutions and business process outsourcing services, helping customers manage print environments, embrace digital transformation, optimise business processes and enabling them to work more effectively and sustainably.
- In May 2018, a feasibility study was announced with Downer and recycling partner Close the Loop to trial using photocopier waste toner in NZ roads as a substitute for bitumen in a product called TonerPave, which has been used in roads in Australia and has achieved a carbon footprint reduction of up to 23 percent over its lifecycle.
- In the same month Fuji Xerox New Zealand launched a Product Stewardship Roadmap with input from other accredited product stewardship schemes, the Ministry for the Environment, and the Sustainable Business Network. It is the first of its kind in New Zealand and is a free open-source guide for New Zealand businesses to responsibly manage the environmental footprint of their products throughout their lifecycle.
- Continued its commitment to support local communities by providing technology and related services to more than 100 charitable and education related organisations.
- Later this year, Fuji Xerox New Zealand will launch its first Global Reporting Initiative (GRI) aligned Sustainability Report that will provide an in-depth analysis of the work underway to return the company to a more sustainable footing in New Zealand.
Peter Thomas says, “The past two years have been a challenging period for us here at Fuji Xerox New Zealand. “Our staff have shown great resilience and our customers, suppliers and partners great loyalty.
“We ensure as a company we are doing all we can to establish and continually improve our business operations so that in the future, all stakeholders, be they staff, customers, suppliers, or the communities of New Zealand, can be proud of their association with us.”