DX Group said it has successfully raised approximately £200.5m through selling shares on AIM this morning, following a 3% increase in turnover for the first six months of its current financial year.
Shares began trading at 100 pence per share at 8am today (27 February), with interest from institutional and other investors.
Chief executive officer Petar Cvetkovic said: "We are delighted to launch as a public company today, and are particularly pleased with the strong show of support from institutional investors which is testament to our future prospects.
“The successful completion of this transaction enables us to continue to focus on market leading customer service and growing the DX brand.”
The post and parcel carrier revealed a 3% increase in turnover to £156.1m in its trading update for the six months to 31 December 2013 (2012: £151.6m).
The trading update, which was published in its AIM admission document, said growth in its Parcels and Freight Logistics business was being offset by declining packet volumes following the discontinuation of an unprofitable contract.
Total EBITDA (earnings before interest, tax, depreciation and amortisation) remained flat at £14.2m.
During the period, it moved away from owning vehicles under finance lease arrangements to hiring vehicles under fully maintained operating lease packages.
A spokeswoman for DX Group said this was implemented as part of its plans to keep fixed costs down after the acquisition of DX Freight, formerly Nightfreight, and “[create] a more agile and flexible business”.
The group expects its profit for the second half of the year to be greater than the first half.
In Motortransport.co.uk's business blog, The Hub, market analyst has said DX's listing has come at the right time for the group.
