Source - SMW
DX (Group)'s earnings fell to £7.2m in the year to the end of June - down from £18.0m last time.

Revenues of £291.9m were up from £287.9m in 2016 but  adjusted profit before tax and exceptional items  was nil (2016: £11.5m) and the reported pre-tax loss before of £82.3m was down only marginally from £82.7m last time.

The group announced that a new  leadership team had been appointed with Ron Series as chairman and Lloyd Dunn as chief executive and that Russell Black and Paul Goodson had joined as non-executive directors.

Outgoing chairman Bob Holt said: 'The year to 30 June 2017 and the first few months of the new financial year have been an especially challenging period for the Group, and DX's full year results, and current trading, reflect this.

'However, the Company's prospects have been significantly transformed, with the appointment today of a new leadership team, headed by Ron Series as chairman and Lloyd Dunn as CEO, and a major new financing agreement. 

'This agreement, which raises £24m of new funds, is supported both by our major institutional shareholders, including Gatemore Capital and Hargreave Hale, and by DX's new Board Directors.

'I am confident that the new team will ably drive the turnaround of the business, and a recovery in its financial performance.'

Series said: 'I am delighted to be joining DX today as chairman together with Lloyd Dunn as CEO, and Russell Black and Paul Goodson as mon-executive directors. 

'The new team has significant experience, both of the industry and of business turnaround situations, and we are taking a positive and determined approach to DX's turnaround.

' We will be undertaking a thorough review of all the Company's operations to enable us to make clear and sensible decisions about recovery initiatives and to formulate a comprehensive new improvement plan. 

'As might be expected, trading in the new financial year has been affected by the challenges in the business.

'We anticipate providing a further update on first half trading in early 2018, and expect to be in a position to comment more fully on our turnaround plans with the Company's interim results.'