DX Group reports on 'encouraging' first half
DX (Group)
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Delivery and logistics company DX Group updated the market on its trading for the first half of the year on Tuesday, describing it as “encouraging”, with its performance benefiting from improved service levels and increased new business.
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The AIM-traded firm said its results for the six months ended 31 December were thus expected to show a material improvement on the same period last year, primarily led by the ongoing turnaround of the DX Freight division.
It said it expected further progress in the second half - historically its stronger trading period - adding that it believed DX remained on track to achieve current market expectations for the financial year.
“As part of the group's £10m capital investment programme over the 2020 and 2021 financial years, DX Freight opened a new depot at Ipswich in the period, and additional depots are expected to be opened over the calendar year,” the board explained in its statement.
“Together with the installation of new mechanisation at the central hub, this will help increase capacity and productivity.
“DX Express successfully completed a pilot of its new handheld devices and has started to rollout the new technology across all its service centres, with completion targeted for April 2020.”
DX Group said it expected to report interim results in early March, and would provide a further update on trading at that time.
At 1103 GMT, shares in DX Group were up 4.12% at 12.62p.