Independent mail, parcels and logistics network operator DX (Group) posts full year results in line with revised management expectations and reflect the impacts outlined in first half. Revenue for the year to the end of June fell to £287.9m (2015: £297.5m) and EBITDA was £18.0m (2015: £33.7m).
Adjusted profit before tax and exceptional items fell to £11.5m (2015: £26.7m).
Exceptional (non-recurring) items of £92.1m included goodwill impairment of £88.4m (2015: nil) as announced with the interim results, a non-cash charge which reflected challenging industry conditions and profit decline.
Reported loss before tax of £82.7m (2015: profit of £24.8m).
Adjusted EPS was 4.9p (2015: 10.9p) and the reported loss per share was 42.1p (2015: EPS of 9.9p).
Proposed final dividend of 1.5p per share (2015: 4.0p), subject to shareholder approval and in line with Board's commitment to full year dividend of 2.5p per share.
Chief executive Petar Cvetkovic said: "It has been a challenging year, with the specific trading pressures we reported in the second quarter of the year having a substantial impact on profitability.
"Our focus has been on responding to these pressures while also driving forward our 'OneDX' programme and further improvements to our already high levels of customer service.
"We continue to take positive steps to address the Group's performance and to support this we are making further targeted investment in IT and sales. While there are still uncertainties ahead as we await the outcome of the HMPO tender process and our planning appeal, we have confidence that our business transformation plans will deliver long term benefits."