In the year ended 30 June 2011 the DX group increased its earnings before interest, tax, depreciation, amortisation and exceptional items by £0.9 million (3%). Revenue remained virtually unchanged at £164.0 million in challenging market conditions. A number of significant new Customer wins were achieved in the year, particularly for DX Courier and DX Secure services, offsetting a decline in volumes from existing Customers.
A reduction in turnover of just 0.6% compares very favourably with the previous year, when turnover (excluding acquisitions) fell by 7%.
Operating costs (excluding depreciation, amortisation and exceptional items) reduced by £1.8 million over the year. With the mix of services sold remaining unchanged, this was achieved by careful cost control together with initiatives to improve the efficiency of the delivery networks. These cost reductions have resulted in an increase in the group’s operating margins and interest cover.
Operating cash flow continues to be strong. Net cash balances before debt movements increased by £10.3 million after capital expenditure of £3.7 million and interest payments of £6.8 million. New financing net of debt repayments added a further £8.6 million of cashflow. Cash balances at the end of the year were £32.8 million.
Ian Pain
Chief Financial Officer
November 2011
This section contains financial information about the DX Group:
- the group financial statements for the year ending 30 June 2008
- the group financial statements for the year ending 30 June 2009
- the group financial statement for the year ending 30 June 2010
- the group financial statement for the year ending 30 June 2011
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