DX profits to be ahead of forecasts
Delivery group DX now expects pre-tax profit for the year to July 3 to significantly exceed market forecasts.
The group, which provides parcel freight, secure courier and logistics services, has DX Freight sites in Willenhall and a DX Courier base in Tipton.
Since May the group has continued to trade well, with strong ongoing momentum at DX Freight, ahead of management expectations, and good progress at DX Express.
Net cash at the year end is also better than expected at £16.8 million – a rise of 37 per cent on the year.
DX Freight revenue for the financial year is expected to be about £6m higher than previously anticipated. DX Express, which provides secure express deliveries, performed well, in line with management expectations as lockdown restrictions lifted. Both divisions secured good levels of new customer wins and increased volumes from existing customers.
The group has continued to expand its depot network, in line with growth plans.
Since March three new DX Express depots have been opened, in Glasgow, Rotherham and Middlesbrough, and the existing DX Freight depot at Maidstone has been significantly enlarged.
The Hoddesdon depot, which serves DX Freight, was also extensively upgraded in April. Further investment in the depot network is on track, and a total of 15 new depots are now planned over the next two years.
