DX (Group) PLC (LON:DX.), the delivery and courier group, said is on track to perform “materially better” than current market expectations as trading is boosted in recent months amid the coronavirus pandemic.

Trading has continued to run ahead of the same period last year, the company said in a statement alongside its annual shareholder meeting.

Net new business across both the DX Freight and DX Express divisions has been “encouraging” since the June 27 year-end, with its new business pipeline “very healthy”.

“While it is still relatively early in the financial year, with volumes better than expected and margins improving in DX Freight, we now anticipate that DX is on track to perform materially better than current market expectations,” the company said.

Directors said they are focusing on improving productivity, investing in delivery networks, parcel handling equipment and IT systems to support growth.

Three new depots were recently opened, in Burnley, Westbury and Oxford, and further openings and upgrades of service centres and depots are planned for the remainder of the financial year.

DX said it has high levels of liquidity.

The shares revved to a five-year high above 25p in early trading on Thursday before settling back to 23.64, up 3% on the day.

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