- 2 October 2018
- Transport / Logistics Services
After a bumpy 2017, DX Group has announced that its turnaround measures are now gaining momentum.
Commenting on the Company’s full year results issued today, Ron Series, Chairman of DX’s new Board of Directors, said: “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.”
Revenues grew by 3% to £299.5 million, up from £291.9 million in 2017. It made an underlying loss of £4.9 million as against a profit of more than £7 million last year and also still better than analysts forecast. Losses for the year at DX fell to £19.9 million, from a loss of £82.3 million last year.
A new leadership team took over last October and as a result its major shareholders felt able to offer significant new investment.
CEO, Lloyd Dunn, in March 2018 said, “DX is a sleeping giant. Following a careful review of the business, there is a great foundation to build upon.”
Since coming into the business, Lloyd Dunn has implemented a wide-ranging restructuring, strengthened the Group’s divisional management teams, and devolved responsibility and accountability to the Group’s general and regional management.
Commenting on results, Lloyd Dunn, said: “I am pleased with the progress we have made since the new Board was appointed to lead DX’s turnaround. While the Group’s overall financial results for the year do not yet reflect the benefits of our work, we are seeing encouraging signs of business improvement.
“I have every confidence that we have the right plan and the right team in place to restore DX to a path of long-term, sustainable profitable growth.”
Ron Series added, “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.”