DX (Group) is to announce today an interim dividend of 0.5p per ordinary share. The reintroduction of the dividend marks a significant milestone in the transformation of the Group since 2018 when the business turnaround plan was started. It also reflects the Board's confidence in the ongoing growth prospects for DX.
Other financial highlights include:
Revenue up 15% to £231.3m; higher contributions from both divisions, driven by new business wins, price increases and strong customer service levels
Adjusted profit from operating activities up 63% to £11.6m (H1 2022: £7.1m)
Operating margin increased to 5.0% (H1 2022: 3.6%); target remains 7.5% - 10.0%
Strong operating cash flow, driven by improved profitability and reduction in working capital
Cash of £36.4m at 31 December 2022 (H1 2022: £14.5m) reflects strong operating cash flows and is stated after increased capital expenditure
Capital expenditure of £4.6m (H1 2022: £3.2m) on new depots, parcel-handling equipment, new electric vehicles and IT, as three-year £20-£25m investment programme continues
