LONDON (Alliance News) - Logistics company DX Group PLC on Tuesday said its interim loss narrowed significantly on the back of higher revenue, in line with the company's expectations.
For the six months to December-end, the company posted pretax loss of GBP5.3 million compared to GBP14.1 million last year. Revenue meanwhile rose year-on-year to GBP157.0 million from GBP146.6 million.
In addition, the company said trading in the second half improved and it is now on track to return to positive earnings before interest, tax, deprecation and amortisation for the financial year.
"DX's turnaround continues to progress encouragingly, and the group's results are in line with management expectations," Chair Ronald Series said.
"A fundamental element of our turnaround strategy is devolving accountability to our local depots and service centres and this has now been implemented across the group. These initiatives are now beginning to bear fruit and DX remains well positioned for further performance improvement. Trading in the second half has improved over the same period last year and we remain confident of achieving our targets for the full year."
DX shares were trading up 1.7% at 10.43 pence each.