DX Group has declared it is on the road to recovery, after trimming its annual loss by more than £60m.
Releasing its results for the year to 30 June 2018, the company made a loss after exceptional items of £19.9m compared with a loss of £82.3m in the same period a year ago.
Turnover was up slightly at £299.5m (£2017: £291.9m).
As confirmed in a trading statement in July, the company’s debt position was better than previously anticipated following a refinancing exercise in May, standing at £1.1m (2017: £19.1m).
The bulk of the £5.7m of exceptional items related to the company’s decision to end the previous management’s OneDx strategy and separate its business into two divisions, DX Freight and DX Express.
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This saw the end and subsequent reworking of IT systems, which had been due to be merged under the OneDX plan.
DX Freight, previously Nightfreight, was signalled out earlier this year as being in need of urgent action to return it to health. It made an EBITDA loss of £14.2m from turnover of £137.8m in the reporting period.
DX Express, its mail and parcels division, fared better and made an EBITDA profit of £29.3m in the year from turnover of £161.7m.
Ron Series, chairman of DX Group, 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.”
