Fuji Xerox Australia made a profit of $5.9 million for the year ended 31 March 2020 despite a six percent fall in revenue to $608m, according to IT news site arnnet.com.au
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| Fuji Xerox Australia HQ at Macquarie Park in Northern Sydney NSW |
“Having been landed with a $49 million tax bill in 2019, and subsequently posting a loss of $47 million for that year, Fuji Xerox has since returned to the black with a profit of $5.9 million,” said the report by Arnnet’s Eleanor Dickinson.
Fuji Xerox Australia's revenue from customer contracts and sales of goods both fell but the services arm jumped 53 percent from $5.8m to $8.8m, the report said. Cost of sales fell 16 percent to $386 million. Cash was down by 37 per cent to $49m.
Fuji Xerox announced in January it was changing its corporate name to FUJIFILM Business Innovation Corp. as of April 1, 2021, following a decision to end its Technology Agreement with Xerox - in the wake of the failed $6bn Fujifilm/Xerox merger proposal. Fuji Xerox affiliates and sales companies in and outside Japan will also change their names on April 1, 2021.
In February, Fuji Xerox completed a $140 million acquisition of IT and print facility provider CSG.
In May 2020, Fuji Xerox Australia filed Federal Court proceedings against its former managing director Neil Whittaker, former chief financial officer Devlin Bell, accountancy firm E&Y and others, over the company’s accounting scandal. In 2017, an independent investigation ordered by parent company Fujifilm found incomes at Fuji Xerox subsidiaries in Australia and New Zealand had been inflated by $450 million.
