DX has announced it is to repay government furlough payments totalling £0.6m, received in support of the current financial year, as well as accelerate its plans to expand DX’s delivery network by targeting the opening of 12 new depots over the next two years.
The news comes after the company updated on current trading for the 53 weeks ending 3 July 2021. While trading at DX Express has been in line with management expectations, revenue growth at DX Freight is now expected to be around £10 million higher than previously anticipated, driven by significantly increased volumes, both from existing customers and through new customer wins.
It means that the company’s board anticipates that DX will significantly exceed existing market expectations for adjusted profit before tax in the current financial year, with an associated improvement in operating cash flows.
DX will provide a further update on trading and prospects in mid-July 2021.Image credits: