21st Sep 2015 07:55
LONDON (Alliance News) - Parcels, mail and logistics network operator DX Group PLC on Monday said it swung to a pretax profit in the year to the end of June thanks to one-off costs it booked last year not repeating, though revenue was slightly lower as it said it exited unattractive contracts.
DX, which floated on London in February 2014, posted a pretax profit of GBP24.8 million in the year to the end of June, compared to a GBP55.7 million loss a year earlier when it booked GBP62.8 million in one-off costs related to its listing. Adjusting for the one-offs, pretax profit for the company was slightly lower at GBP26.7 million, compared to GBP27.7 million.
Revenue was down to GBP297.5 million in the year from GBP304.2 million, as the group exited commercially unattractive contracts, the impact of which was somewhat offset by new contracts wins. DX said its trading environment in the year was tough but said it has made progress on its OneDX programme, under which hit has brought all its trading entities under a single company structure.
It will pay a final dividend of 4.0 pence per share, bringing its total dividend to 6.0 pence per share. It had paid a 2.0 pence dividend for the four months it was listed prior to the end of its 2014 financial year.
"Trading conditions in the second half remained challenging and given these tough conditions the performance of the business for the year has been satisfactory. The group continues to generate strong cash flows, which supports our investment programme, including our proposed major new hub, and our progressive dividend policy," said Petar Cvetkovic, DX's chief executive.
Shares in DX were down 0.3% to 81.25 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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