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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 EPS

4.1p

(2022: 2.9p)

Reported EPS

3.9p

(2022: 2.4p)

Net cash


£37.6m

(2022: £27.0m)

Net cash generated from Operating Activities

£54.9m

(2022: £36.5m)

 

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
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