The Franchise Council of Australia has turned its fortunes around, delivering a surplus of $264,892. The turnaround represents a $1,795,389 improvement on last year’s result, a loss of $1.32 million.
FCA chair Richard Thame told association members at the AGM, “In real terms, the FCA has operated within its means.”
According to Thame, the FCA’s improved performance is due to reduced operating costs and strong membership growth.
He told AGM attendees the organisation is in “a much stronger position this year with a clear and defined plan going forward”.
Prudent financial controls will help restore the FCA to net equity over the next couple of years, he said.
In a statement, Thame said “The FCA has emerged from a difficult period stronger and more focused than ever. In just 12 months, we’ve rebalanced our operations, strengthened financial oversight, and rebuilt the confidence of members and stakeholders.
“We’ve rebuilt relationships with government, refocused our priorities, and created new opportunities to connect, educate and celebrate our industry. The results speak for themselves.”
Jay Westbury, FCA CEO, said his first full year in the role has been about rebuilding trust and resetting priorities. Under his leadership, the FCA has implemented tighter financial controls, improved transparency in reporting, stabilised staffing, and built a culture of accountability and service.
“We have proven that by being disciplined, responsive and connected, we can deliver real value for members and real outcomes for franchising. The FCA is back in surplus, but more importantly, it’s back with purpose,” Westbury said.
