Date: September 18, 2018
Productive Business Solutions Limited (PBS) held its 1st Annual General Meeting today hosted by Chairman, Mr. P.B. Scott. Following an overview of the Company, Mr. Pedro Paris, Chief Executive Officer (CEO), highlighted that PBS Jamaica, formerly Xerox Jamaica Limited, has been the local Xerox Authorized Partner and has offered world class technology in document management and print solutions to a wide spectrum of companies across several industries. PBS also leverages the expertise gained from the merger with Advanced Business Systems (ABS), a card technology and security solutions provider.
The CEO stressed on the Company’s path of, “Transforming its day to day operations from paper to digital.” In addition, he further indicated the following initiatives for PBS:
- To evolve the Xerox business from a product/service business to a solutions business.
- Adding new lines of businesses in security and identification segments. Mr. Paris indicated that, “PBS is in pursuit of undertaking the jet way for an airport in one of their regions.”
- Adding new territories in Columbia and Suriname.
Additionally, a synopsis of the company’s 2017 financial year was presented by Mr. Paris. PBS recorded revenues of US$171.9 million which reflects a 0.5% increase compared to the previous fiscal year. Without Telecom Equipment (which is being divested), total growth was 3.2% versus prior year. Whereas, total equipment sales revenue increased 3.7% which was driven by increased sales in Technology and was offset partially by a decrease in Xerox Equipment sales and the Other Equipment segment. The decrease in Xerox Equipment sales was due to large Graphic Art sale in 2016 ($0.06 million) as well as a general market trend to lease equipment instead of purchase outright.
Mr. Scott commented that, “The company’s strategy is to strengthen PBS’ financial position while encouraging its growth. This would include an extensive distribution network and presence in the Caribbean and Central America and expansion opportunities into Latin America while maintaining strategic and longstanding partnerships with leading multinational brands.”
Mr. Paris concluded by stating that, “The way information is nowadays used, secured and shared, Management will adapt proactively to their ever-changing requirements.”
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