DX Group narrows loss after tough year
DX (Group)
47.40p
16:55 26/01/24
DX Group reported preliminary results for the year on Friday, with revenue rising to £291.9m from £287.9m a year earlier, although EBITDA fell to £7.2m from £18m.
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The AIM-traded firm said adjusted profit before tax and exceptional items was nil in the 12 months to 30 June, falling from £11.5m, while exceptional non-recurring items were £80.7m, down from £92.1m.
It said those exceptional items included a £72.4m goodwill impairment and other one-off items, primarily related to property dilapidation provisions, restructuring and professional costs, as well as senior management departures.
The company reported a loss before tax of £82.3m, narrowing slightly from £82.7m year-on-year.
Adjusted earnings per share were 0.1p, down from 4.9p, while its reported loss per share was 40.3p, falling from 42.1p.
Debt, net of cash, at 30 June stood at £19.1m, compared to £9.8m a year earlier.
“The year to 30 June and the first few months of the new financial year have been an especially challenging period for the group, and DX's full year results, and current trading, reflect this,” said outgoing chairman Bob Holt.
“However, the company's prospects have been significantly transformed, with the appointment today of a new leadership team, headed by Ron Series as chairman and Lloyd Dunn as CEO, and a major new financing agreement.”
Holt said the agreement was supported both by the company’s major institutional shareholders, including Gatemore Capital and Hargreave Hale, and by DX's new directors.
“I am confident that the new team will ably drive the turnaround of the business, and a recovery in its financial performance.”