DX Group’s pre-tax profit crashed 75% year-on-year in the six months ending 31 December 2016, it revealed today.
The half-year results, released today, report adjusted pre-tax profit or £600,000, against £2.5m for the six months ended 31 December 2015.
The group’s turnover increased by 0.7% to 142.7m.
Last week the group’s largest shareholder, Gatemore Capital Management, called for the removal of DX chairman Bob Holt and non-executive director Paul Murray from the board.
Managing partner Liad Meidar told Motortransport.co.uk said the men’s performance had been “inexcusable” and accused them of “destroying value” at the company.
DX chief executive Petar Cvetkovic said the results had been affected by the same financial pressures reported in a profit warning in February - tough trading conditions and increased pressure on profit margins.
He said: “Results have been affected by the trading pressures reported in February and we have since initiated a wide-ranging review of the company's operations to improve financial performance and drive revenues.
“We have also Cvetkovic added that the company was pleased with recent initiatives, including its new three-year contract with Avon UK, worth £10m a year.
The results announcement also said DX is expanding its work with Ikea.
Cvetkovic said the board maintained a strong focus on turning the business performance around.
