Struggling courier business DX (DX.:AIM) has investors running for the exit following a profit warning and dividend cut, which sends the stock crashing 61% to 7p.
Over 90% of its value has been wiped off since floating on the stock market in 2014 at 100p.
Investors are keen to get out while they can as challenging trading conditions continue to plague the business and erode its margins.
In December, Shares warned the company was in trouble as high competition and rising staff costs took a bite out of profits.
Management says profit for the year will be significantly below expectations, while net debt will be higher than expected as growth from its courier and freight activities fail to materialise.
DX’s logistics business is unable to save the company despite reporting strong momentum and contract wins.
The firm has also failed to achieve volume growth in tracked delivery service DX Secure and suffered short-term operational issues while trying to merging five sites into one.
In a last ditch attempt to save the business, management has started a review into its operations in hopes of driving revenue growth and turning its fortunes around.
