23rd Jul 2019 12:26
(Alliance News) - DX Group PLC on Tuesday said it swung to profitability in its most recently ended financial year, helped by improved performance in both of its divisions.
The courier and logistics services provider said it expects its results for the year ended on June 30 to be in line with market expectations.
DX said it returned back to profitability, generating earnings before interest, taxes, depreciation, and amortization of GBP3.2 million compared to an Ebitda loss of GBP4.9 million a year prior. Meanwhile, revenue improved by 8% to GBP322.5 million from GPB299.5 million year-on-year.
The AIM-listed company said both of its divisions, DX Freight and DX Express, contributed to the growth. DX Freight, which includes the company's irregular dimensions & weight and logistics activities, benefited from significant improvements in operational efficiency and customer service.
"The group is well-positioned to make further progress in the new financial year and remains on track to achieve market forecasts of Ebitda of GBP7.7 million," the company said in its statement Tuesday.
Full year results are expected to be announced on September 24, DX Group said.
The stock was trading 1.7% lower on Tuesday in London at 12.75 pence each.
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