New chief for DX as revenue rises
Delivery group DX has appointed a new chief executive.
The group, which has a major hub operation at Ashmore Lane Way, Willenhall, saw revenue rise 15 per cent for its latest half year.
In the 26 weeks to December 31 trading was strong.
Paul Ibbetson, managing director of DX Freight, has been appointed as chief executive with immediate effect.
He has more than 25 years’ senior experience in freight, parcels and logistics and had served as MD of DX Freight since November 2017.
He has been instrumental in its transformation to profitability, cash generation and growth from its prior position of substantial losses. He has also been responsible for the division’s restructuring.
Mr Ibbetson is retaining responsibility for the management of DX Freight in the short-term until a new appointment is made
Before joining DX, he was a board director at Tuffnells Parcel Express for eight years, and previously worked in management roles at Target Parcels Express and Business Post.
Mark Hammond, DX executive chairman, now relinquishes his executive role to become non-executive chairman
The board remains confident that DX is well-positioned to meet its 2022-2023 expectations despite economic headwinds.
The group's financial position remains strong, with net cash at the end of the half year of £36.4 million.
Both DX Freight and DX Express contributed to revenue growth and both have improved margins on last year, with healthy net new business at each division
Depot network expansion has continued with four new depots opened in the first half of the year, and a further two new sites planned in the second half with three more relocating to larger premises.
The group, which employs 4,100 has 88 depots including Express sites in Shrewsbury and Tipton and Freight sites in Burntwood and West Bromwich.
