Hundreds of jobs in limbo as transactional giant SEMA enters administration

Philip Carter of PPB Advisory was appointed administrator on 17 May.

It is unclear why the company entered administration. ProPrint has been unable to reach Carter or SEMA’s senior management for comment.

The collapse is of major proportions: according to the most recent annual report available, which covers the 2009/10 financial year, the company turned over $90.6 million and employed 700 staff.

Revenue had fallen by 11.7% from the $102.6 million it posted in the 2008/09 year. Directors blamed this on “general compression in marketing budgets during the global financial crisis”.

The business also slipped from a profit of $4.3 million to a $2.8 million loss over the 12 months to 30 June 2010.

The 2009/10 report was lodged with ASIC on 24 May 2011, which would suggest that the 2010/11 report was due imminently.

The company recently made a $10 million investment in two high-speed inkjet Impika iPrint eVolution presses to match similar investments from rivals Salmat and Computershare.

The first eVolution was installed in SEMA’s Sydney plant in December and commissioned in early March. The other was expected to arrive in Melbourne in April or May, although it is not known if that occurred.

SEMA clients include Federal government agencies, dozens of local councils and Telstra.

Meanwhile, former chief executive Keith Hunter is believed to have left SEMA several weeks ago after ProPrint contacted the company and was told he no longer worked there. ProPrint has been unable to confirm this with senior management.

Hunter took the chief executive position after Alexander Van Der Laan stepped up the executive chairman role in March 2011.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter

Leave a comment:

Your email address will not be published. All fields are required

Advertisement

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from our team.
Advertisement