DX Group made a pre-tax loss of more than £80m in the year ended 30 June 2017.

The group issued a profit warning about the year's results in February, and its CEO Petar Cvetkovic stepped down in June after an "exceptionally difficult year".

Though DX Group did see a 1% growth in turnover to £292m, the embattled company has now lost north of £160m in the last two years.

The majority of the the pre-tax loss consists of an exceptional impairment charge of £74.4m.

Earlier this month DX announced it had secured loans worth £24m from shareholders to get the company back on its feet - a turnaround placed on the shoulders of its new chairman Ron Series, CEO Lloyd Dunn, and new board members Russell Black and Paul Goodson.

The new appointments take effect today with the release of the group's results.

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Chairman Series said that trading in the year started July 2017 had been affected by the previous year's performance, and that an update on this would be given in 2018.

He said: "The new team has significant experience, both of the industry and of business turnaround situations, and we are taking a positive and determined approach to DX's turnaround.

"We will be undertaking a thorough review of all the company's operations to enable us to make clear and sensible decisions about recovery initiatives and to formulate a comprehensive new improvement plan."

Outgoing chairman Bob Holt added: "The year to 30 June 2017 and the first few months of the new financial year have been an especially challenging period for the group.

"However, the company's prospects have been significantly transformed, with the appointment today of a new leadership team, headed by Ron Series as Chairman and Lloyd Dunn as CEO, and a major new financing agreement.

"I am confident that the new team will ably drive the turnaround of the business, and a recovery in its financial performance."

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