DX Group shares pick up as losses narrow
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AIM-listed freight and logistics company DX Group (LON:DX.) beat market expectations during the year ended 30th June to earn revenues of £299.5 million. Pre-tax losses after exceptional items narrowed from £82.3 million to £19.9 million.
The losses were generated by the freight division, while the DX Express delivery arm posted EBITDA profits of £29.3 million. Management believe that the benefits of turnaround measures that have already been implemented will begin to be felt during the next year.
Chairman Ron Series said: “This year has been one of significant change for DX. The Company is now on the road to recovery, as our turnaround initiatives start to gain traction.
“The Group’s performance is slightly ahead of market expectations, with revenue modestly ahead and the underlying loss lower than we anticipated. This reflects the growth in our Logistics business and the initial benefits of our turnaround plan.
“We are encouraged by prospects for continuing progress over the new financial year, and retain our confidence in meeting both the short and long term goals we have set ourselves.”
Shares in DX Group climbed by 7.04% to 10.18p (as of 14:25 BST).
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