Parcels Specialist DX Claims Positive Start to Turnaround Plan
2nd October 2018
Troubled parcels specialist DX is report today that its business turnaround initiatives are starting to gain momentum.
Commenting on the Company’s full year results, 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.”
DX announced a 3% rise in revenue to £299.5m, up from £291.9m in the previous year. The Group made an underlying loss for the year of £4.9m against a profit of £7.2m in 2017, although this result was better than analyst forecasts. Reported losses for the year were down to £19.9m, from a loss of £82.3m in 2017.
Last October saw a new leadership team take charge, with DX’s major shareholders backing the move with significant new equity 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.”
Dunn has implemented a wide-ranging restructuring, with the objective of strengthening the Group’s divisional management teams and devolving responsibility and accountability to the Group’s general and regional management.