DX to repay £600,000 furlough payments as revenue soars

DX Group said significantly increased volumes would result in revenue growth £10m higher than previously anticipated and as a result it would repay government support provided during the pandemic.

The logistics delivery service said trading performance since its interim results were reported in March had been stronger than expected, with increased volumes in its freight division being driven by both existing and new customers.

In a trading update, it said: “The board anticipates that DX will significantly exceed existing market expectations for adjusted profit before tax in the current financial year, with an associated improvement in operating cash flows.”

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DX said that given its strong financial position it had decided to repay furlough payments totalling £600,000.

It will also accelerate plans to open 12 new depots over the next two years.

In its half-year results announced in March, DX said it had come out of the red thanks largely to DX Freight, which specialises in irregular dimension and weight item deliveries.