Loss reduces as DX turnaround continues
Delivery group DX has seen its annual loss narrow and revenues surge past £300 million.
The group, which has two sites in Willenhall employing about 500, was boosted by a turnaround in the DX Freight business.
For the financial year to the end of June, DX Group's pre-tax loss was cut to £1.7 million from £19.9 million the year before.
Revenue grew by eight per cent to £322.5 million from £299.5 million the prior year, with improved performances across its operations, mainly DX Freight.
Net debt was significantly better than market expectations at £1.3 million and the company said that it had increased capital expenditure investing in property, IT, and operational equipment.
Last year, DX revealed plans aimed to restore its business to sustainable and profitable growth within three years, mainly focused on DX Freight but also on improving sales and efficiencies at DX Express.
Looking ahead, DX said it is well positioned to make further progress with the next stage of its turnaround strategy, by increasing the level of investment in systems, sites and operational improvements.
Since the start of its current financial year, trading has been in line with management expectations, DX said.
Chairman Ron Series said: "This year has been one of significant change for DX as our turnaround initiatives gained traction, and we are pleased to be reporting results that are slightly ahead of market expectations.
"These encouraging results were helped in particular by a significant turnaround in the performance at DX Freight, and a better outcome at DX Exchange, where we have slowed attrition rates."
The group, which has its head office in Slough, offers parcel freight, secure, courier and logistics services.
