DX: “Turnaround is progressing steadily”

UK based DX Group has reported its latest results show that its “turnaround” strategy is “progressing steadily”.

In its trading update for the financial year which ended on 30 June (FY2018), DX said: “The Board is pleased to report that the Group’s turnaround, which commenced at the start of 2018, is progressing steadily, and that both the DX Freight and DX Express divisions have delivered in line with management expectations in the second half.

“The Directors therefore expect the Group to meet market expectations for FY2018, which includes an underlying loss for the year. Net debt at 30 June 2018 is expected to be approximately £1.1m (30 June 2017: £19.1m), which is better than previously anticipated, and reflects improved working capital management.

“As planned, turnaround initiatives in the period have been more focused on DX Freight, and net new business at DX Freight, which includes the Group’s irregular dimensions and weight (“IDW”) and logistics activities, has been encouraging and continues to gather momentum.

“DX Express, which includes DX Exchange, Secure and Courier services, continues to develop its plan to separate DX Exchange from the Secure and Courier operations. In addition, the Group has enhanced the senior management capability within DX Exchange and strengthened the DX Express sales team.”