DX Group profits up as bribery investigation finds competitor information was obtained illegitimately

Logistics business DX Group has posted pre-tax profits of £10.6m for the year ended July 2021, up from just £1.3m the year before.

Revenues in this period also increased by 16%, from £329m in 2020 to £382m.

In November, DX said its end of year financial results would be delayed until the conclusion of an internal investigation into bribery, which found that competitor information had been obtained illegitimately.

The investigation found that employees of a group subsidiary may have breached the 2010 Bribery Act after offering a one-off payment in return for the information.

The business said it had fallen short of expectations for good corporate governance and that insufficient action had been taken against the employees at the time of the allegations.

It said further disciplinary action was now being taken against the staff involved in the relevant events and pledged to improve its compliance procedures.

“This period has been highly unsettling for shareholders and for the company. We are pleased to draw a line under past events and to focus on DX’s ongoing development and growth,” said executive chairman Ronald Series.

“We are also implementing changes to strengthen the group’s corporate governance policies and procedures. Trading continues to be encouraging, and we remain ambitious in our growth plans.”