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Police drop DX investigation

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Police drop DX investigation as CEO Petar Cvetkovic steps down and re-structure takes place.

The City of London Police have dropped their investigation into DX last week but this week DX Group reported that the net debt at the end of what the company described as an ‘exceptionally challenging year’ is expected to be £19 million, revenues are expected to be just short of 300 million for the year to June 2017. CEO Petar Cvetkovic, and finance director Daljit Basi announcement went public that they would step down from board, taking place with immediate effect. DX reported James Hayward, FCA, to become interim CFO.

Restructure looks likely to create two divisions, DX Express and DX Freight. DX Chairman Bob Holt, ‘The changes we are making both to the Board of Directors and to the Group’s operational structure are aimed at supporting business transformation.  In particular the reorganisation provides greater flexibility in managing costs and puts the Company in a better position to advance its operational and sales performance and to provide an enhanced service to its customers. DX Express will be headed by Nick Cullen, DX’s existing Chief Operations Officer and will comprise the DX Exchange, DX Secure, Mail activities and the courier operations while DX Freight will be headed by Stuart Godman, who is currently the chief commercial officer and will comprise Logistics, DX 1-Man and DX 2-Man.

IoC