16th Feb 2015 09:59
LONDON (Alliance News) - Mail and logistics company DX Group PLC on Monday reported it swung to profit in the first half despite a fall in revenue and said it will pay its maiden interim dividend, adding its results for the half were in line with its expectations.
The company said its pretax profit for the six months to the end of December was GBP9.9 million, compared to a GBP3.9 million loss a year earlier. The profit was driven by the non-recurrence of GBP14.2 million in financing costs incurred a year earlier
Revenue declined to GBP147.4 million in the half from GBP156.1 million a year ago. The group said the fall in revenue was caused by the decision by management to focus on profitable contracts and exit unprofitable ones.
But the company said it would pay an interim dividend, its first, of 2 pence per share.
"In a challenging trading environment, I am pleased to report that DX has delivered a satisfactory financial performance in the first half of the financial year, in line with management expectations. Service is always our priority and DX gave our customers a high level of service throughout the Christmas period," said DX Chief Executive Officer Petar Cvetkovic.
Shares in DX were down 2.4% to 94.4 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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