LONDON (Alliance News) - DX Group PLC on Tuesday said its loss narrowed significantly in its recently ended financial year due to implementation of a turnaround plan.
The stock was up 6.7% on Tuesday at 10.15 pence per share.
The courier & logistics company said pretax loss narrowed sharply in the year to the end of June to GBP19.9 million from GBP82.3 million reported a year before, as impairment charges dropped to GBP5.3 million from GBP74.4 million.
The overall loss for the year reflected a number of factors, DX Group said, including a reduction in volumes at DX Express, a weaker performance at DX 1-Man and operational inefficiencies.
Annual revenue grew slightly to GBP299.5 million from GBP291.9 million year-on-year, driven by strong growth in DX Logistics.
Half year ago, the company revealed plans aimed to restore the business to sustainable and profitable growth within three years. In financial 2018, DX Group said its turnaround activity has been primarily focused on DX Freight, however, the company said it saw a significant scope to improve sales and efficiencies at DX Express, too.
"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," said Chairman Ron Series.
"We are encouraged by prospects for continuing progress over the new financial year, and retain our confidence in meeting both the short and long term goals we have set ourselves," added Series.