2023 Highlights
Financial highlights
Revenue£471.2m(2022: £428.2m) |
Profit from Operating Activities£30.0m(2022: £22.1m) |
Adjusted PBT£26.8m(2022: £20.2m) |
Reported PBT£25.4m(2022: £17.4m) |
Adjusted EPS4.1p(2022: 2.9p) |
Reported EPS3.9p(2022: 2.4p) |
Net cash£37.6m(2022: £27.0m) |
Net cash generated from Operating Activities£54.9m(2022: £36.5m)
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Operational highlights
- >DX Freight
- o Revenue up 10% to £282.8m (2022: £256.9m) and operating profit up 22% to £37.8m (2022: £31.1m)
- o Divisional operating margin up to 13.4% (2022: 12.1%), driven by further improvements in productivity and operational efficiency
- o Strong customer retention levels and significant new customer wins supported by continued achievement of high levels of customer service
- o Two new depots opened at Paisley and West Bromwich, and two depots expanded at Plymouth and Heathrow
- o Secured 15 new sites from the Administrators of Tuffnells Parcels Express in June 2023 – a major development for the Group, with benefits for DX Express as well as DX Freight
- o Over 700 former Tuffnells customers added; and over 350 former Tuffnells employees have joined DX
- >DX Express
- o Revenue up 10% to £188.4m (2022: £171.3m) and operating profit up 22% to £17.7m (2022: £14.5m)
- o Divisional operating margin increased to 9.4% (2022: 8.4%), driven by healthy levels of new business in Parcels, which outweighed expected revenue erosion at Document Exchange
- o Continued investment in IT platform to enhance customer experience
- o Five new depots were opened at Basildon, Plymouth, Haydock, Bracknell and Deeside
- > Overheads
- o Overheads as a percentage of revenue increased slightly to 5.5% (2022: 5.1%, excluding the exceptional items). This reflected improvements to IT infrastructure, Board changes and legal costs