DX Group turnaround chugs on as divisions 'gather momentum'

DX Group on Wednesday reported that its turnaround is “progressing steadily” as its freight and express divisions delivered in line with expectations in the second half.

The delivery solutions provider said it expected to meet full year expectations, including an underlying loss, but achieve a better than expected net debt level of £1.1m, down from £19.1m the previous year.

A statement from the company attributed the business’ upturn to "improved working capital management".

DX’s ongoing turnaround initiatives have been mainly focused on the freight division, with the firm describing the amount of new business at the division as “encouraging,” and continuing to “gather momentum”.

Elsewhere, the firm is restructuring the DX Express arm of the business, separating the DX Exchange, Secure and Courier services that are offered by the division and strengthening the DX Express sales team.

DX Group’s shares were up 5.86% at 10.20p at 1035 BST.