- 24 September 2019
- Transport / Logistics Services
DX has announced a financial recovery from its woes over the last few years with a £0.2 million operating profit, up £11.1 million from last year.
As part of its recovery, DX has also announced a £10 million investment to improve its property, operations and IT systems top drive the next phase of its turnaround.
Behind the profit growth was revenues growing by 7.7% to £322.5 million. This has been led by the board that took over in 2017 headed by Tuffnells veterans, Chairman, Ron Series and CEO, Lloyd Dunn.
DX Freight saw revenue grow by 15% to £158.6 million, while DX Express also saw revenues of £158.6 million. The company opened new sites at Maidstone and Northampton this year and reopened previously mothballed depots at Cannock and Pucklechurch. In addition the company has plans to open a site in Ipswich later this year.
Ron Series, Executive Chairman, commenting on the results said: “This year has been one of significant change for DX, as our turnaround initiatives gained traction. We are pleased to report performance for the year slightly ahead of market expectations.
“The Company is now well on the road to recovery, and we are now planning for significant capital investment over the next two years, which will help to underpin DX’s return to long term, sustainable profitable growth.” Lloyd Dunn, CEO, said: “We’ve made significant strides with our turnaround plan since announcing it in March 2018 and are building good momentum now. While there’s still much to do, we have a firm foundation in place for the next stage of the turnaround.”