TIDMDX.
RNS Number : 7440C
DX (Group) PLC
02 October 2018
The following announcement replaces DX's preliminary results
announcement, issued at 7.00 a.m. on 2 October 2018, under RNS
number 5937C.
The announcement is the same in all respects save for the
additional inclusion of the following information, the 'Issue of
Share Capital' in the Consolidated Statement of Cash Flows. This
figure is GBP4.5 million for 2018 and Nil for 2017.
The updated preliminary results statement is set out below.
DX (Group) plc
("DX" or "the Group" or "the Company")
A leading provider of delivery solutions,
including parcel freight, secure, courier and logistics
services
Preliminary Results for the year to 30 June 2018- Replacement
Announcement
Key Points
Summary
-- Year of significant change with a fundamental business
turnaround commenced under a new leadership team
-- Encouraging signs of business and financial improvement have started to come through
Financial
-- Revenue of GBP299.5m (2017: GBP291.9m) - slightly ahead of market expectations
-- EBITDA(1) loss of GBP4.9m (2017: profit of GBP7.2m) - smaller than market expectations
-- Exceptional (non-recurring) items of GBP5.7m (2017: GBP80.7m)
- principally related to non-cash impairment charges to intangible
assets
-- Loss before tax after exceptional items of GBP19.9m (2017: loss of GBP82.3m)
-- Loss after tax of GBP19.5m (2017: loss of GBP81.1m)
-- Loss per share 8.1p (2017: 40.3p)
-- Balance sheet significantly strengthened - following equity
fundraising and redemption of loan notes
-- Net debt at 30 June 2018 of GBP1.1m (2017: GBP19.1m) - ahead of market expectations
(1) Earnings before interest, depreciation, amortisation,
exceptional items and share-based payments charge.
Operational
-- New Board appointed in October 2017
-- Group re-organised into two divisions, DX Freight and DX Express, ending 'OneDX' strategy
o initial focus of turnaround initiatives is on loss-making DX
Freight
-- General and regional management across each division is at
the heart of the turnaround strategy
o increased responsibility and accountability
o new appointments, including sales people, have strengthened
the teams
-- Three-year investment programme in core IT and management systems started
-- DX Freight - revenue of GBP137.8m and EBITDA loss of GBP14.2m
o significant growth in Logistics business
-- DX Express - revenue of GBP161.7m and EBITDA profit of GBP29.3m
o DX Exchange attrition was in line with expectations
-- Group remains well positioned to make further progress with
its turnaround strategy and trading since the start of the new
financial year has been encouraging
Ron Series, Chairman, commented:
"This year has been one of significant change for DX. The
Company is now on the road to recovery, as our turnaround
initiatives start to gain traction.
"The Group's performance is slightly ahead of market
expectations, with revenue modestly ahead and the underlying loss
lower than we anticipated. This reflects the growth in our
Logistics business and the initial benefits of our turnaround
plan.
"We are encouraged by prospects for continuing progress over the
new financial year, and retain our confidence in meeting both the
short and long term goals we have set ourselves."
Enquiries:
DX (Group) plc T: 020 3178 6378 (c/o
KTZ
Ron Series, Chairman Communications)
Lloyd Dunn, Chief Executive Officer
David Mulligan, Chief Financial Officer
finnCap (Nominated Adviser to DX) T: 020 7220 0500
Matt Goode/Simon Hicks/Hannah Boros (Corporate
Finance)
Andrew Burdis/Camille Gochez (Corporate
Broking)
KTZ Communications T: 020 3178 6378
Katie Tzouliadis
Emma Pearson
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
CHAIRMAN'S STATEMENT
INTRODUCTION
The year to 30 June 2018 has been one of significant change for
DX with a new leadership team put in place to drive a turnaround
plan. As announced in March 2018 in the interim results, a clear
strategy is now underway, after a detailed review of the Group's
operations. Following the completion of a restructuring of the
balance sheet in May 2018, DX is also on a stronger financial
footing, which better supports the new Board's objectives of
restoring the business to long-term, sustainable growth in revenue
and profitability.
We have made a good start to our turnaround plan and have made
some important early steps forward. Results for the financial year
are better than we expected, with revenue slightly ahead at
GBP299.5 million and the underlying EBITDA loss smaller than
anticipated at GBP4.9 million. Debt (net of cash) at the year-end
is also better than we expected at GBP1.1 million, helped by
improved working capital management.
We remain encouraged about prospects for continuing progress
over the new financial year, and retain our confidence in meeting
both the short and long term goals we have set ourselves.
New Leadership Team
A new Board of Directors was appointed in October 2017 with the
support of the Group's major shareholders. Lloyd Dunn became Chief
Executive Officer, Russell Black and Paul Goodson were appointed as
Non-executive Directors and I joined as Executive Chairman. In
April 2018, David Mulligan was appointed as Chief Financial
Officer, completing the new Board. Ian Gray, who was appointed as a
Non-executive Director on 1 July 2017, remains in his role and has
provided important continuity to the Board during this period of
significant change.
New Structure
At the start of the financial year in July 2017, the Group was
re-organised into two separate divisions, DX Express and DX
Freight, thereby ending the 'OneDX' strategy. Later, following a
key decision to commence a 'standalone' turnaround strategy under a
new Board, after discussions with John Menzies plc about a
combination with its Distribution division were concluded, we
completed a wholesale review of the Group's organisational
structure. Subsequently we made further organisational changes to
strengthen management, sales and commercial teams in the two
divisions.
This revised structure supports the new Board's devolved
approach to the way the business is run. As we have previously
highlighted, we believe that this devolved approach is fundamental
to the success of the turnaround plan.
Each division is focused on building a market proposition that
is valued by customers and based on delivering great service at a
competitive price. DX Freight specialises in delivering irregular
dimensions and weight ("IDW") items, a growing part of the freight
market, and provides bespoke logistics services on an 'open book'
basis. DX Express delivers tracked delivery services that offers
customers a market-leading level of security and tracking through
its own network.
Turnaround strategy in place
As announced in the Group's interim results, our plan is aimed
at restoring the Group to sustainable and profitable growth within
three years. At the core of our plan is a change in leadership
style, operational strategy and culture that will help to
reinvigorate the business and enable us to build on our existing
market positions.
We have placed our depots and service centres at the heart of DX
and have devolved accountability to our general and regional
managers, giving them greater authority over, and responsibility
for, their operations. This approach underpins our initiatives to
improve sales, customer service processes and operations.
Over the course of 2018, we also made a number of new senior
level appointments across our commercial, operations and sales
functions at DX Freight and DX Express. These personnel changes are
now complete and we are seeing the benefits in both customer
service levels and business performance.
Our turnaround activity in the year has been primarily focused
on DX Freight, given its loss-making position, however, we see
significant scope to improve sales and efficiencies across both
divisions. We are pleased with progress achieved so far, and
further details are provided in the Chief Executive Officer's
Review.
The turnaround of the Group's performance is an incremental
process, and we intend to progress steadily and sensibly, with
further measures to be implemented in line with our overall
plan.
Strengthened balance sheet
In May 2018, the Group's balance sheet was strengthened
significantly when we completed a cancellation of the Group's
GBP24.0 million outstanding loan notes and replaced these with new
Ordinary Shares in DX, and also raised GBP4.8 million (gross) of
funding through a placing and subscription of new shares. These
transactions have substantially strengthened DX's balance sheet,
improving the equity base of the Group by GBP28.5 million and
providing additional capital to fund working capital requirements
and assist with growth initiatives. These initiatives include
expanding the sales teams, adding new depots, enhancing the Group's
IT capabilities and developing the DX Express networks.
Financial performance
The Group's revenue for the year to 30 June 2018 increased to
GBP299.5 million (2017: GBP291.9 million). As expected, the Group
made a loss, with earnings before interest, taxation, depreciation,
amortisation, exceptional items and share-based payments charge
("EBITDA") showing a loss of GBP4.9 million (2017: profit of GBP7.2
million). The overall loss for the year reflected a number of
factors, including a reduction in volumes at DX Express, a weaker
performance at DX 1-Man and operational inefficiencies. Volume
attrition at the DX Exchange operation was in line with expected
levels. These factors are being addressed by the turnaround plan
and there are already early signs of the improvements gaining
traction.
Exceptional items in the year, excluding associated finance and
tax costs, amounted to GBP5.7 million (2017: GBP80.7 million), and
principally comprised a non-cash item of GBP5.3 million, which
related to the impairment of certain IT systems.
The loss before tax after exceptional items was GBP19.9 million
(2017: loss of GBP82.3 million). The statutory loss after taxation
was GBP19.5 million (2017: loss of GBP81.1 million).
Total equity at 30 June 2018 was GBP24.9 million (2017: GBP16.0
million), which reflects both the loss for the year and the
fundraising and loan note settlement, reported above.
Net debt at 30 June 2018 was GBP1.1 million (2017: GBP19.1
million), helped by the balance sheet restructuring and improved
working capital management.
Further details of the Group's financial performance are
provided in the Financial Review.
Dividend policy
In February 2017, the previous Board took the decision to
suspend the payment of dividends for the foreseeable future, in
light of the Group's financial performance and increased level of
debt at that point in time. As the Group is still at an early stage
in the turnaround plan, the new Board has no plans to restore the
dividend, however, this policy will be kept under review and it is
the Board's intention to restore payments when appropriate.
Employees AND ShareholderS
We appreciate the support shown by our employees in what was a
challenging year for the business, and, on behalf of the Board, I
would like to thank them for their hard work and commitment during
the year. We are also pleased to take this opportunity to thank our
shareholders for their support and to welcome new shareholders to
the Group.
Outlook
The Board believes that the Group remains well positioned to
make further progress with its turnaround strategy over the new
financial year. We expect to see more of the benefits of the
initiatives in place to come through and have a clear focus on the
targets we wish to achieve. Trading since the start of the new
financial year has been encouraging and we anticipate continuing
good momentum towards restoring profitability.
Ronald Series
Executive Chairman
CHIEF EXECUTIVE OFFICER'S REVIEW
INTRODUCTION
I am pleased with the progress we have made since the new Board
was appointed to lead DX's turnaround in mid-October 2017. While
the Group's overall financial results for the year do not yet
reflect the benefits of our work, we are seeing encouraging signs
of business improvement.
As we reported in the Group's interim results, we completed a
detailed review of DX's operations, using this as the basis to
develop our turnaround strategy. Our plans mark a clear break from
the previous 'OneDX' strategy and are aimed at both addressing the
challenges and developing the opportunities at each of our two
divisions, DX Express and DX Freight.
We have completed some major groundwork in establishing new
organisational structures across the Group since coming into the
business. At the heart of these organisational changes is the
principle of responsibility and accountability at depots and
service centres, giving our general managers and regional directors
greater authority and decision-making powers. We have re-organised
both divisions into a larger number of smaller regions, which
supports this devolved approach and enables our people to drive
performance in their respective regions more effectively.
We have also made a number of new appointments to the divisional
management teams of DX Freight and DX Express, drawing on existing
talent within the business as well as recruiting new staff from
outside the Group. We have strengthened both divisions' commercial
teams, and this, together with other initiatives, will help to
ensure that we can compete more effectively in the marketplace and
act with greater agility and responsiveness.
A new Executive Operating Board ("Operating Board") has been
created, which comprises the two divisional Managing Directors, the
Chief Financial Officer, the Human Resources and IT Directors and
myself. The Operating Board is responsible for the delivery of the
turnaround strategy and reviewing day-to-day operational and
financial performance.
To support all these initiatives, we have instigated a
three-year investment programme in our core IT and management
systems. The programme aims to align our systems to our new
structure, improve data flows and enhance our ability to deliver
great customer service.
The performance of each division is detailed below. As the Group
was substantially re-organised during the financial year, the
EBITDA for the prior year is not given.
DX FREIGHT
DX Freight comprises the following three services:
DX 1-Man National and international, next-day delivery
services, specialising in irregular dimensions
and weight ("IDW") items, which are generally
unsuitable for fully automated sortation systems.
Alongside this, are services for the regular parcels
market;
DX 2-Man Home delivery services for large items, weighing
up to 150kg; and
DX Logistics Comprehensive logistics solutions, including warehouse
management and the operation of customer-liveried
vehicles and uniformed personnel.
The division's performance for the year was in line with
management expectations. Revenue was GBP137.8 million (2017:
GBP121.4 million) and the EBITDA loss was GBP14.2 million. The
revenue increase of GBP16.4 million largely reflected growth in DX
Logistics of GBP17.9 million, with DX 1-Man contributing growth of
GBP0.4 million, offset by a decrease in revenue of GBP1.9 million
from DX 2-Man and international services.
The initial focus of our turnaround activity has been on DX
Freight, given the division's severe underperformance. As
previously reported, we have a clear vision for developing its
potential and I am pleased to report that the changes we have made
are already generating positive results, and we expect to see
momentum develop.
We have re-organised the division from three to six regions,
under the direction of Paul Ibbetson who has been brought into DX
Freight as Managing Director. We have also re-organised DX 2-Man,
bringing it in to the DX Logistics business, which will manage its
operations.
We have rebuilt the sales team, aligning it to the local depot
and regional structure, and the new team is now securing a good
level of new business, which also helps to utilise capacity within
the existing fleet. We have also concentrated on moving the balance
of the division's activity towards B2B business, which better suits
our fleet makeup.
Service levels across the division have improved and we are
increasing productivity at both our hub operation and delivery
fleet. Improved hub productivity is being supported by investment
in both simple mechanisation and in-depot facilities, where we are
increasing efficiency by, for example, additional spend on new
stillages (long metal cages), which allows the teams to better
handle longer items. We are also changing the balance of our fleet
towards more 7.5 tonne vehicles, which are better suited to the
type of freight we deliver for our customers. We have also
committed additional resources to weight auditing and pricing
processes.
At the end of the financial year, we re-opened the Group's
depots at Cannock, in Staffordshire, and Pucklechurch, in South
Gloucestershire, strengthening the division's activities in those
local areas, and we are continuing to look carefully at other
opportunities to expand the network to support DX Freight's
growth.
DX EXPRESS
DX Express comprises the following four services:
DX Exchange A private members' B2B mail and parcel delivery
network, of c.4,000 exchanges across the UK and
Ireland, operating primarily in the legal, financial
and public sectors;
DX Secure A market-leading secure B2C delivery service;
DX Courier A next-day, fully-tracked, B2B delivery service,
primarily to branch networks, high streets, industrial
areas and government premises; and
DX Mail A low-cost, second-class mail alternative, primarily
operating in finance and insurance.
The division generally performed as expected over the year.
Revenue decreased to GBP161.7 million (2017: GBP170.5 million) and
EBITDA was GBP29.3 million. The GBP8.8 million reduction in revenue
mainly reflected the expected attrition at DX Exchange, where
revenues contracted by GBP6.0 million, which was in line with
management forecasts. The balance of the reduction was across the
Secure, Courier and Mail services, although slightly less than
expected. Overall service levels were maintained at a good
level.
Our contract with Her Majesty's Passport Office ("HMPO") has
been recently extended through to October 2019. It is expected that
the contract will be retendered during the coming year, at which
point the Group will submit its proposal.
We have re-organised the division to create five regions, up
from three previously, and have promoted Martin Illidge to the role
of DX Express Managing Director. He is supported by newly-appointed
Operations and Sales Directors. We have also strengthened the
management team at DX Exchange and have given Kevin Galligan,
previously Managing Director of the DX's Irish business, overall
responsibility for the whole of the DX Exchange operation.
Other major operational changes made in the year included
aligning the sales team with each service centre and region. The
division now has 29 dedicated service centre sales managers to
focus on the local market, which will help to drive sales over the
coming year.
We have also taken the decision to reinforce DX Exchange as an
exclusive members' network and are driving customer service
improvements and innovation. We are currently assessing the network
requirements to deliver this, which we expect to roll out over the
next 18 months. While attrition remains a structural issue at DX
Exchange, we believe that our new measures will yield benefits.
SUMMARY
I would like to take this opportunity to thank all our staff for
the tremendous dedication and hard work that has been put into the
business over the past year. I have every confidence that together
we will continue to make positive steps towards our goal of
improving the Group's performance and restoring DX to a path of
long-term, sustainable profitable growth.
LLOYD DUNN
CHIEF Executive OFFICER
FINANCIAL REVIEW
Summary
Revenue of GBP299.5 million is 2.6% ahead of prior year, and
mainly reflects strong growth in DX Logistics, partly offset by the
expected reduction in revenue at DX Exchange as well as pricing
pressures at DX 1-Man and operational inefficiencies.
Underlying results from operating activities was a loss of
GBP10.9 million (2017: GBP1.1 million profit). This is stated
before exceptional items of GBP5.7 million, including a non-cash
item of GBP5.3 million, relating to the impairment of certain IT
systems.
Debt (net of cash) at 30 June 2018 was GBP1.1 million (2017:
GBP19.1 million). Operating cash flow was GBP12.0 million outflow
(2017: GBP2.0 million outflow) and capital expenditure was GBP1.8
million (2017: GBP4.4 million).
2018 2018 2018 2017
Trading Exceptional Total Total
GBPm GBPm GBPm GBPm
-------------------------------------------- -------- ------------ ------ ------
Revenue 299.5 - 299.5 291.9
-------------------------------------------- -------- ------------ ------ ------
Earnings before interest, tax, depreciation
and amortisation ("EBITDA") (4.9) - (4.9) 7.2
Depreciation (2.9) - (2.9) (2.9)
Amortisation of software and development
costs (3.1) - (3.1) (3.2)
-------------------------------------------- -------- ------------ ------ ------
Underlying results from operating
activities (10.9) - (10.9) 1.1
Amortisation of acquired intangibles (0.3) - (0.3) (1.6)
Share-based payments charge (0.2) - (0.2) -
Exceptional items - (5.7) (5.7) (80.7)
-------------------------------------------- -------- ------------ ------ ------
Reported results from operating activities (11.4) (5.7) (17.1) (81.2)
Finance costs (0.9) (1.9) (2.8) (0.9)
Share of results from associate - - - (0.2)
-------------------------------------------- -------- ------------ ------ ------
Loss before tax (12.3) (7.6) (19.9) (82.3)
-------------------------------------------- -------- ------------ ------ ------
Tax (0.5) 0.9 0.4 1.2
-------------------------------------------- -------- ------------ ------ ------
Loss for the year (12.8) (6.7) (19.5) (81.1)
-------------------------------------------- -------- ------------ ------ ------
Other comprehensive income - - - -
-------------------------------------------- -------- ------------ ------ ------
Total comprehensive expense for the
year (12.8) (6.7) (19.5) (81.1)
-------------------------------------------- -------- ------------ ------ ------
(LPS)/EPS - adjusted (pence)(1) (5.1) 0.1
-------------------------------------------- -------- ------------ ------ ------
- basic (pence) (5.3) (2.8) (8.1) (40.3)
-------------------------------------------- -------- ------------ ------ ------
1 Adjusted (LPS)/EPS excludes amortisation of acquired
intangibles, exceptional items and share-based payments charge
Revenue by Segment
A breakdown of Group revenue is shown below and further
commentary on each division's performance is provided in the
Chairman's Statement and Chief Executive Officer's Review.
2018 2017
GBPm GBPm
----------- ----- -----
DX Express 161.7 170.5
DX Freight 137.8 121.4
Revenue 299.5 291.9
----------- ----- -----
EBITDA
Earnings before interest, tax, depreciation, amortisation and
exceptional items ("EBITDA") for the year to 30 June 2018 was a
GBP4.9 million loss (2017: GBP7.2 million profit).
The loss mainly reflected the impact of volume attrition at DX
Exchange, which has a largely fixed cost base, as well as decreased
volumes at DX Express, a reduction in average prices at 1-Man and
higher costs.
Exceptional items
Exceptional items for the year totalled GBP6.7 million (2017:
GBP79.7 million) and are summarised below.
The largest exceptional charge comprised a non-cash item of
GBP5.3 million relating to the impairment of certain development
assets, principally those relating to the merging of IT systems as
part of the 'OneDX' integration programme, which have been stopped
or reworked following the commencement of the turnaround plan.
Approximately GBP0.9 million of costs were incurred as a result of
senior management departures. Restructuring, professional costs and
other, includes certain one-off costs in the first half of the year
largely relating to the turnaround.
The Group completed the sale of five freehold properties for an
aggregate cash consideration of GBP4.5 million during the year. The
profit on sale of these freehold properties (after legal fees and
other disposal costs) was GBP0.9 million.
During the year the Group issued convertible Loan Notes, which
were subsequently cancelled and transferred to equity (see note 10
for further details). Finance costs of GBP1.9 million includes
interest payments of GBP1.1 million and GBP0.8 million of non-cash
finance costs. The GBP0.8 million non-cash finance costs includes a
Loan Note cancellation adjustment of GBP0.7 million in accordance
with IAS 32 for the early cancellation of convertible
instruments.
Tax of GBP0.9 million represents the respective tax impact of
exceptional items.
2018 2017
GBPm GBPm
------------------------------------------ ----- -----
Impairment charges 5.3 74.4
Senior management departures 0.9 1.0
Restructuring, professional costs
and other 0.4 2.6
Property dilapidations provision - 2.8
CMA investigation - 0.6
Additional auto enrolment costs - 0.3
Profit on disposal of freehold properties (0.9) -
VAT refund - (1.0)
Exceptional items (operating) - net 5.7 80.7
Finance costs 1.9 -
Tax (0.9) (1.0)
Total exceptional items 6.7 79.7
------------------------------------------ ----- -----
Cash flow
2018 2017
GBPm GBPm
----------------------------------- ------ -----
Net cash (loss)/profit (note 11) (6.0) 0.7
Net change in working capital (4.4) (0.7)
Interest paid (1.5) (0.6)
Tax paid (0.1) (1.4)
----------------------------------- ------ -----
Net cash from operating activities (12.0) (2.0)
----------------------------------- ------ -----
Cash outflow from operating activities (after tax) of GBP12.0
million resulted primarily from lower EBITDA. There was also a
GBP4.4 million increase in working capital in the year, largely as
a result of a reduction in payables. Payables were reduced
following the payment of certain exceptional costs accrued in the
prior year, along with some other timing adjustments. DX maintained
its excellent performance on debtor days at 25 days (2017: 25
days).
Net assets
Net assets increased by GBP8.9 million following new equity
raised in the year, partly offset by the loss incurred, including
an impairment charge against intangible assets reflected in
non-current assets.
2018 2017
GBPm GBPm
----------------------------------- ------ ------
Non-current assets 43.2 52.1
Current assets excluding cash 43.0 48.6
Net cash 2.0 2.0
Invoice discounting facility (3.1) (15.3)
Current liabilities excluding debt (56.7) (59.7)
Non-current liabilities excluding
debt (3.6) (6.3)
Term loan - (5.8)
Deferred debt issue costs 0.1 0.4
----------------------------------- ------ ------
Net assets 24.9 16.0
----------------------------------- ------ ------
debt (net of cash)
Debt (net of cash) at 30 June 2018 stood at GBP1.1 million
(2017: GBP19.1 million), with the year-on-year reduction a result
of new funding received in the year, partly offset by losses
incurred.
During the year, on 29 September 2017, the Group completed a
sale and leaseback of five freehold properties for an aggregate
cash consideration of GBP4.5 million. At the same time, the Group
entered into an unsecured loan agreement with GCM Partners II, a
fund controlled by DX's major shareholder, Gatemore Capital
Management LLP ("Gatemore"), for a loan to the Group of GBP2.0
million. The proceeds from the property sales and loan were used to
repay the GBP5.8 million bank term loan in full.
In addition, on 9 October 2017, the Group reached an agreement
on legally binding heads of terms for a GBP24.0 million (gross)
fundraising through the issue of convertible Loan Notes,
principally to existing institutional investors and the Group's new
Directors. The Loan Notes were issued in two tranches, Tranche 1 of
GBP16.3 million in October 2017, and the remaining GBP7.7 million
in December 2017. The aggregate issue of Loan Notes included the
refinancing of the GBP2.0 million unsecured term loan from Gatemore
as noted above.
On 22 May 2018, the shareholders approved the early cancellation
of the above Loan Notes (GBP23.7 million of the GBP24.0 million
total) and issue of new Ordinary Shares of DX in replacement, along
with a further GBP4.8 million new equity issuance, taking the total
gross receipts (before costs) to GBP28.5 million. The net funds
raised are being used to meet the Group's near-term funding
requirements, working capital requirements, as well as capital
expenditure and restructuring costs. Further details of the Loan
Notes and new equity are included in notes 8 and 10.
On 22 December 2017, the Group agreed a new GBP25.0 million
invoice discounting facility, an evergreen facility with a minimum
term of two years through to December 2019. Interest is at a rate
of LIBOR plus 1.95%, along with a GBP0.2 million per annum fixed
charge. Drawings on the invoice discounting facility at 30 June
2018 were GBP3.1 million (2017: GBP15.3 million), a net reduction
in utilisation of GBP12.2 million from prior year.
2018 2017
GBPm GBPm
----------------------------- ----- -----
Term loan - 5.8
Cash and cash equivalents (2.0) (2.0)
Invoice discounting facility 3.1 15.3
Debt (net of cash) 1.1 19.1
----------------------------- ----- -----
Capital expenditure
Capital expenditure decreased from prior year as a result of a
reduction in activity while the new Board reassessed all capital
expenditure projects.
2018 2017
GBPm GBPm
---------------------------------- ----- -----
IT hardware and development costs 0.2 1.3
Property costs 0.8 1.4
Operations 0.7 0.7
Service development 0.1 1.0
---------------------------------- ----- -----
Total capex 1.8 4.4
---------------------------------- ----- -----
Earnings per share
Adjusted earnings/(loss) per share, which excludes amortisation
of acquired intangibles, share-based payments charges and
exceptional items, was (5.1)p (2017: 0.1p).
2018 2017
GBPm GBPm
---------------------------------------- ------ -----
Results from operating activities
before exceptional items (11.4) (0.5)
Add back/(deduct):
* Amortisation of intangibles 0.3 1.6
* Share-based payments charge 0.2 -
* Finance costs (0.9) (0.9)
* Share of results from associates - (0.2)
---------------------------------------- ------ -----
Adjusted (loss)/profit before tax (11.8) -
---------------------------------------- ------ -----
Tax (0.7) 0.2
---------------------------------------- ------ -----
Adjusted (loss)/profit after tax (12.5) 0.2
---------------------------------------- ------ -----
Adjusted (loss)/earnings per share
(pence) (5.1) 0.1
Basic loss per share (pence) (5.3) (0.6)
---------------------------------------- ------ -----
Dividends
In line with previous guidance, the Board will not be
recommending the payment of a dividend.
David mulligan
Chief financial officer
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2018
2018 2017
---------------------------------- --------
Exceptional
Trading items Total Total
Notes GBPm GBPm GBPm GBPm
Revenue 299.5 - 299.5 291.9
Operating costs 5 (310.9) (5.7) (316.6) (373.1)
---------- ------------ -------- --------
Results from operating activities (11.4) (5.7) (17.1) (81.2)
---------- ------------ -------- --------
Analysis of results from operating
activities
Earnings before interest, tax,
depreciation and amortisation
("EBITDA") (4.9) - (4.9) 7.2
Depreciation (2.9) - (2.9) (2.9)
Amortisation of software and
development costs (3.1) - (3.1) (3.2)
Amortisation of acquired intangibles (0.3) - (0.3) (1.6)
Share-based payments charge (0.2) - (0.2) -
Impairment 6 - (5.3) (5.3) (74.4)
Other exceptional items (income) 6 - 0.9 0.9 1.0
Other exceptional items (expenses) 6 - (1.3) (1.3) (7.3)
---------- ------------ -------- --------
Results from operating activities (11.4) (5.7) (17.1) (81.2)
---------- ------------ -------- --------
Finance costs (0.9) (1.9) (2.8) (0.9)
Share of results from associates - - - (0.2)
---------- ------------ -------- --------
Loss before tax (12.3) (7.6) (19.9) (82.3)
---------- ------------ -------- --------
Tax (expense)/credit 7 (0.5) 0.9 0.4 1.2
---------- ------------ -------- --------
Loss for the year (12.8) (6.7) (19.5) (81.1)
---------- ------------ -------- --------
Other comprehensive expense
not subsequently reclassified
Other comprehensive expense - - - -
Total comprehensive expense
for the year (12.8) (6.7) (19.5) (81.1)
---------- ------------ -------- --------
Earnings/(loss) per share (pence):
Basic (and diluted) 9 (5.3) (2.8) (8.1) (40.3)
Adjusted (5.1) 0.1
---------- ------------ -------- --------
Adjusted earnings/(loss) per share is calculated after excluding
amortisation of acquired intangibles, exceptional items and
share-based payments charge.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2018
2018 2017
Notes GBPm GBPm
Non-current assets
Property, plant and equipment 8.9 12.0
Intangible assets and goodwill 31.7 38.7
Investments in associates - -
Deferred tax assets 2.6 1.4
Total non-current assets 43.2 52.1
------ ------
Current assets
Assets held for sale - 3.5
Trade and other receivables 41.9 43.3
Current tax receivable 1.1 1.8
Cash and cash equivalents 2.0 2.0
------ ------
Total current assets 45.0 50.6
------ ------
Total assets 88.2 102.7
------ ------
Equity
Share capital 8 5.7 2.0
Share premium 25.2 -
Translation reserve - -
Retained earnings (6.0) 14.0
------ ------
Total equity 24.9 16.0
------ ------
Non-current liabilities
Loans and borrowings 10 - 4.8
Provisions 3.6 6.3
Total non-current liabilities 3.6 11.1
------ ------
Current liabilities
Current tax payable 0.1 -
Loans and borrowings 10 3.0 15.9
Trade and other payables 36.5 40.1
Deferred income 18.8 19.6
Provisions 1.3 -
------ ------
Total current liabilities 59.7 75.6
------ ------
Total liabilities 63.3 86.7
------ ------
Total equity and liabilities 88.2 102.7
------ ------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2018
Share capital Share premium Translation reserve Retained earnings Total
GBPm GBPm GBPm GBPm GBPm
At 1 July 2016 2.0 - - 98.1 100.1
Loss for the year - - - (81.1) (81.1)
Other comprehensive expense - - - - -
Dividends - - - (3.0) (3.0)
At 30 June 2017 2.0 - - 14.0 16.0
-------------- -------------- -------------------- ------------------ -------
Loss for the year - - - (19.5) (19.5)
Other comprehensive expense - - - - -
Issue of shares 3.7 25.6 - - 29.3
Share issue expenses - (0.4) - - (0.4)
Loan Note cancellation adjustment - - - (0.7) (0.7)
Share-based payment transactions - - - 0.2 0.2
At 30 June 2018 5.7 25.2 - (6.0) 24.9
-------------- -------------- -------------------- ------------------ -------
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2018
2018 2017
Notes GBPm GBPm
Cash (used in)/generated from operations 11 (10.4) -
------- ------
- Interest paid (1.5) (0.6)
- Tax paid (0.1) (1.4)
------- ------
Net cash used in operating activities (12.0) (2.0)
------- ------
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 4.5 0.9
Acquisition of property, plant and equipment (1.6) (1.8)
Software and development expenditure (0.2) (2.6)
Acquisitions of Legal Post and First Post - (0.3)
Net cash generated from/(used in) investing activities 2.7 (3.8)
------- ------
Net decrease in cash before financing activities (9.3) (5.8)
------- ------
Cash flows from financing activities
Repayment of revolving credit facility - (6.5)
Movement on invoice discounting facility (12.2) 15.3
Repayment of bank borrowings (5.8) (1.8)
Issue of Loan Notes (subsequently cancelled and replaced with equity) 24.0 -
Issue of Share Capital 4.5 -
Costs of issue of Share Capital, Loan Notes and refinancing (1.2) (0.5)
Equity dividends paid - (3.0)
------- ------
Net cash generated from financing activities 9.3 3.5
------- ------
Net decrease in cash and cash equivalents - (2.3)
Cash and cash equivalents at beginning of year 2.0 4.3
Effect of exchange rate fluctuations on cash held - -
------- ------
Cash and cash equivalents at end of period 2.0 2.0
------- ------
NOTES TO THE FINANCIAL INFORMATION
1 Basis of preparation
This preliminary consolidated financial information has been
prepared in accordance with the International Financial Reporting
Standards (IFRS) and the IFRS Interpretation Committee (IFRIC)
interpretations as endorsed by the European Union (EU).
The financial information set out above does not constitute the
company's statutory consolidated accounts for the years ended 30
June 2018 or 2017 but is derived from those accounts. Statutory
consolidated accounts for 2017 have been delivered to the registrar
of companies, and those for 2018 will be delivered in due course.
The auditor has reported on those accounts; the report for 2018 was
(i) unqualified, (ii) did not include a reference to any matters to
which the auditor drew attention by way of emphasis without
qualifying their report and (iii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006. The report for
2017 was (i) unqualified and (ii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006. However, it did
contain a reference to a material uncertainty related to going
concern without qualifying their report.
2 Significant accounting policies
The accounting policies applied in these condensed financial
statements are consistent with those set out in the annual report
and accounts for the year ended 30 June 2017.
Critical accounting estimates and assumptions
The Group makes certain estimates and assumptions concerning the
future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The areas involving a
higher degree of judgement or complexity, or areas where
assumptions and estimates are significant to the consolidated
financial information are considered to relate to:
(a) Carrying value of goodwill
In July 2017 the Board took the decision to re-organise the
Group into two separate divisions, DX Express and DX Freight.
Accordingly, the GBP30.0 million carrying value of goodwill in the
Group was re-allocated between the two divisions, GBP20.0 million
and GBP10.0 million to DX Express and DX Freight respectively. The
Group tests annually whether goodwill has suffered any impairment,
in accordance with the accounting policy. The recoverable amount of
goodwill is measured as the higher of its fair value less costs to
sell and value in use. Value in use calculations require the
estimation of future cash flows to be derived from the Group's
cash-generating units and to select an appropriate discount rate in
order to calculate their present value. The estimation of the
timing and value of underlying projected cash flows and the
selection of appropriate discount rates involves management
judgement. Subsequent changes to these estimates or judgements may
impact the carrying value of the goodwill.
(b) Provisions
Provisions are recognised when: the Group has a present legal or
constructive obligation as a result of a past event; it is probable
that an outflow of resources will be required to settle the
obligation; and the amount can be reliably estimated. The amount of
the provision requires estimation of the extent and timing of
probable outflows of resources and to select an appropriate
discount rate in order to calculate their present value. The
estimation of the timing and value of underlying projected outflows
of resources and the selection of appropriate discount rates
involves management judgement. These judgements are informed with
reference to contractual obligations, historical data and
specifically identified factors.
3 New standards and interpretations not yet adopted
The following new standards and amendments are in issue but not
yet effective and have not been adopted early by the Group:
-- IFRS 9 'Financial instruments' - new standard for financial instruments accounting;
-- IFRS 15 'Revenue from contracts with customers' - new standard for revenue recognition; and
-- IFRS 16 'Leases' - new standard for lease accounting.
IFRS 9 is effective for years beginning on or after 1 January
2018, therefore will be effective for the Group for the year ending
30 June 2019. IFRS 9 will result in changes to the measurement and
disclosures of financial instruments, and introduces a new expected
loss impairment model. The Group has completed a review of the
impact of IFRS 9 and has concluded that the adoption of the
standard will not have a material impact on its consolidated
results or financial position.
IFRS 15 is effective for years beginning on or after 1 January
2018, therefore will be effective for the Group for the year ending
30 June 2019. Under IFRS 15 revenue is recognised when the customer
obtains control of goods and services transferred by the Group and
the related performance obligations have been satisfied. This
differs from the current standard which considers when risks and
rewards of goods and services are transferred as opposed to control
of these goods and services per IFRS 15. Subscription revenue
(which is invoiced in advance) is recognised on a straight-line
basis over the period in which the related service is provided,
whilst revenue in respect of all other services is recognised on
delivery of the service to which it relates. Due to the
straightforward nature of the Group's revenue streams, management
has concluded that the transfer of risks and rewards of goods and
services does not differ from the transfer of control for the
Group, and accordingly IFRS 15 will not have a material impact on
the total revenue recognised.
IFRS 16 is effective for years beginning on or after 1 January
2019, therefore is effective for the Group for the year ending 30
June 2020, whilst transition to IFRS 16 will take place for the
Group on 30 June 2019. IFRS 16 removes the distinction between
operating and finance leases. The adoption of IFRS 16 will result
in the recognition on the balance sheet of assets and liabilities
relating to leases which are currently being accounted for as
operating leases. In addition, there will be an increase in both
finance costs and depreciation, whilst a reduction in other
operating costs. A right of use asset and a corresponding liability
are recognised for all leases except for short-term leases and
leases of low value assets. Whilst the Group intends to transition
to IFRS 16 using the cumulative catch up approach, a reliable
estimate of the impact on the Group's consolidated results will be
affected by certain events or factors which will be refined up
until the transition date, including new or terminated leases,
discount rates and estimates of lease terms which have break or
renewal clauses. As the financial impact is dependent on the
circumstances at the time of transition, it is not yet practicable
to determine a reliable estimate.
4 Segment information
2018 2017
--------------------------------------------------- -------
DX DX Exceptional
Express Freight Central Items Total Total
GBPm GBPm GBPm GBPm GBPm GBPm
Revenue 161.7 137.8 - - 299.5 291.9
Costs before overheads (124.1) (148.6) - - (272.7) (254.0)
Profit/(loss) before overheads 37.6 (10.8) - - 26.8 37.9
Overheads (8.3) (3.4) (20.0) - (31.7) (30.7)
-------- -------- --------- ----------- ------- -------
EBITDA 29.3 (14.2) (20.0) - (4.9) 7.2
-------- -------- --------- ----------- ------- -------
Depreciation and amortisation - - (6.3) - (6.3) (7.7)
Share-based payments charge - - (0.2) - (0.2) -
Exceptional items - - - (5.7) (5.7) (80.7)
-------- -------- --------- ----------- ------- -------
Results from operating
activities 29.3 (14.2) (26.5) (5.7) (17.1) (81.2)
Finance costs - - (0.9) (1.9) (2.8) (0.9)
Share of results from
associates - - - - - (0.2)
-------- -------- --------- ----------- ------- -------
Profit/(loss) before tax 29.3 (14.2) (27.4) (7.6) (19.9) (82.3)
Tax (expense)/credit - - (0.5) 0.9 0.4 1.2
Profit/(loss) for the
year 29.3 (14.2) (27.9) (6.7) (19.5) (81.1)
-------- -------- --------- ----------- ------- -------
The Board of Directors is considered to be the chief operating
decision maker ("the CODM"). In July 2017 the Board took the
decision to re-organise the Group into two separate divisions, DX
Express and DX Freight, a move away from the integrated nature of
the operations under the 'OneDX' strategy. Whilst the CODM
considers that assets and liabilities continue to be reviewed on a
Group basis, the profitability of these two divisions is now
reviewed and managed separately. Given overheads remain largely
integrated, the EBITDA of the two divisions above is shown before
any allocation of certain overheads between DX Express and DX
Freight. Central overheads comprise costs relating to finance,
legal, HR, property, internal audit, IT, procurement and
administrative activities which cannot be specifically allocated to
an individual division. Given the re-organisation took place during
the current year, the segment information for 30 June 2017 is shown
only on a Group basis. The CODM considers there to be only one
material geographical segment, being the United Kingdom and the
Republic of Ireland.
5 Operating costs
2018 2017
GBPm GBPm
Other external charges 195.1 190.8
Employee benefit expense 86.6 79.7
Depreciation of property, plant and equipment 2.9 2.9
Amortisation of intangible assets 3.4 4.8
Profit on sale of property, plant and equipment (0.6) (0.2)
Operating lease rentals 23.9 21.1
Other operating income - (0.4)
Impairment charges 5.3 74.4
------ ------
Total operating costs 316.6 373.1
------ ------
Trading activities 310.9 292.4
Exceptional items (see note 6) 5.7 80.7
------ ------
Total operating costs 316.6 373.1
------ ------
6 Exceptional items
2018 2017
GBPm GBPm
Impairment charges 5.3 74.4
Senior management departures 0.9 1.0
Restructuring, professional costs and other 0.4 2.6
Property dilapidations provision - 2.8
CMA investigation - 0.6
Additional auto enrolment costs - 0.3
Profit on sale of freehold properties (0.9) -
VAT refund - (1.0)
Exceptional items included in results from operating
activities 5.7 80.7
Finance costs 1.9 -
Tax (0.9) (1.0)
----- -----
Total exceptional items 6.7 79.7
----- -----
Impairment charges
Following the decision to re-organise the business and to create
two divisions, DX Express and DX Freight, and having started to
implement a turnaround plan under the new leadership team, some
projects that were progressing as part of the previous 'OneDX'
integration programme have been stopped or reworked. As a result of
this reassessment certain development assets were found to be
impaired, principally those relating to the merging of IT systems
as part of the 'OneDX' integration programme. Following this
review, an impairment charge of GBP5.3 million has been made in the
year.
The GBP74.4 million impairment charges in the prior year
consisted of GBP72.4 million impairment to the carrying value of
the Group's goodwill and GBP2.0 million impairment to the Group's
non-controlling interest in its associate.
Senior management departures
Amounts of GBP0.9 million (2017: GBP1.0 million) represent
amounts due to former members of the senior management team
following their departure from the Group.
Restructuring, professional costs and other
One-off costs of GBP0.4 million were incurred in the first half
of the year relating largely to the turnaround plan.
Costs in the prior year included those relating to the
refinancing of the Group of GBP1.3 million, external legal fees of
GBP0.3 million and professional fees of GBP1.1 million for the
proposed reverse takeover of John Menzies Distribution Limited
("MDL"). Discussions with MDL were terminated in the current
year.
Property dilapidations provision
Provisions were made in the prior year for dilapidation costs in
respect of leasehold properties that had been vacated or where
there was a possible exit within two years. This represented a
change in methodology of the provision estimate from a general
provision previously to specific provisions.
CMA investigation
The Group incurred GBP0.6 million of costs in the prior year as
a result of the Competition & Markets Authority ("CMA") review
of the Group's acquisitions of Legal Post and First Post. The
Initial Enforcement Order served was revoked in September 2016.
Additional auto enrolment costs
Additional auto enrolment costs in the prior year related to the
underpayment of contributions in the financial years 30 June 2014
to 30 June 2016.
Profit on sale of freehold properties
During the year the Group completed the sale of five freehold
properties for an aggregate cash consideration of GBP4.5 million.
The profit on sale of these freehold properties (after legal fees
and other disposal costs) was GBP0.9 million
VAT refund
In the prior year the Group was notified of a GBP1.0 million VAT
refund arising from a long-standing dispute with HMRC in respect of
VAT paid on professional fees. This refund was received from HMRC
in the current year.
Finance costs
During the year the Group issued convertible Loan Notes which
were subsequently cancelled and transferred to equity (see note
10). GBP1.9 million total cost includes interest paid of GBP1.1
million and GBP0.8 million non-cash finance costs. The GBP0.8
million non-cash finance costs includes a Loan Note cancellation
adjustment of GBP0.7 million in accordance with IAS 32 for the
early cancellation of convertible instruments.
Tax
These amounts represent the respective tax impact from
exceptional items.
7 Tax credit/(expense)
(a) Analysis of charge in year
2018 2017
GBPm GBPm
Current tax
United Kingdom corporation tax
Current year - 1.5
Adjustments in respect of prior periods (0.3) 0.1
------ ------
Total United Kingdom corporation tax (0.3) 1.6
Overseas taxation (0.5) (0.5)
------ ------
Total current tax (0.8) 1.1
------ ------
Deferred tax
Current year 1.2 0.5
Adjustments in respect of prior periods - (0.3)
Changes in tax rates - (0.1)
------ ------
Total deferred tax 1.2 0.1
------ ------
Total tax 0.4 1.2
------ ------
Trading (0.5) 0.2
Exceptional items (see note 6) 0.9 1.0
------ ------
Total tax 0.4 1.2
------ ------
(b) Factors affecting the tax expense for year
The tax expense for the year differs from the expected amount
that would arise using the weighted average rate of corporation tax
in the UK for each year. The differences are explained below:
2018 2017
GBPm GBPm
Loss before tax (19.9) (82.3)
------- -------
Loss before tax at the standard rate of UK corporation tax of 19% (2017: 19.75%) 3.8 16.3
Factors affecting charge for year:
UK taxable losses carried forward (2.7) -
Impairment charges not deductible for tax purposes (1.0) (14.7)
Impairment charges impact on deferred tax 0.9 -
Other exceptional charges not deductible for tax purposes (0.2) (0.2)
Adjustments in respect of prior years (0.3) (0.2)
Effect of different tax rates 0.2 (0.1)
Other (0.3) 0.1
-------
Tax expense 0.4 1.2
------- -------
(c) Factors that may affect future tax charges
The UK corporation tax rate is 19% with effect from 1 April
2017. A reduction to 17% (effective 1 April 2020) was substantively
enacted on 6 September 2016. This will reduce the Group's future
current tax charge accordingly. The deferred tax asset at 30 June
2017 has been calculated based on these rates.
8 Share capital
2018 2017
GBPm GBPm
Ordinary Shares of GBP0.01 each - allotted, called
up and fully paid 5.7 2.0
----- -----
On 23 May 2018 373,156,292 Ordinary Shares of GBP0.01 each were
issued and admitted to the AIM. This represents the GBP24.5 million
pertaining to the cancellation of Loan Notes referred to in note 10
along with GBP4.8 million new equity issuance.
The holders of Ordinary Shares are entitled to receive dividends
when declared and are entitled to one vote per share at meetings of
the Company.
9 Earnings per share
Basic earnings per share
The calculation of basic loss per share at 30 June 2018 is based
on the loss after exceptional items for the year of GBP19.5 million
(2017: GBP81.1 million loss) and average number of shares in issue
of 239.4 million (2017: 200.5 million).
10 Loans and borrowings
Third party
2018 2017
GBPm GBPm
Non-current liabilities
Bank loans - 5.2
Deferred debt issue costs - (0.4)
------ ------
- 4.8
------ ------
Current liabilities
Invoice discounting facility 3.1 15.3
Revolving credit facility - -
Bank loans - 0.6
Deferred debt issue costs (0.1) -
3.0 15.9
------ ------
During the year, the Board took steps to significantly
strengthen the Group's financial position.
The Group entered into an unsecured loan agreement with GCM
Partners II LP, a fund controlled by its major shareholder Gatemore
Capital Management LLP ("Gatemore"), for a loan to the Group of
GBP2.0 million. Interest on the loan was 10% per annum and
repayment of the loan was made later in the year as detailed below.
These funds were used to enable the Group to repay its bank term
loan in full. There were no early repayment costs incurred by the
Group for the repayment of the term loan.
In addition, a GBP24.0 million fundraising (the "Fundraising")
was achieved following the issue of secured Loan Notes with
conditional conversion rights, principally to existing
institutional investors and the Group's new Directors. The Loan
Notes were subscribed for in two tranches. Tranche 1 of GBP16.3
million was issued on 19 October 2017 and Tranche 2 of GBP7.7
million was issued on 15 December 2017 following shareholder
approval of the conversion rights of the Loan Notes. The aggregate
issue of Loan Notes included the repayment of the GBP2.0 million
unsecured term loan from Gatemore as noted above.
These Loan Notes were capable of conversion at 10 pence per new
DX share, which represented a premium of approximately 28% to the
average closing price of DX Ordinary Shares over the 20 trading
days immediately prior to 9 October 2017, the date when the Group
entered into a binding agreement with the Loan Note holders for the
Fundraising. The Loan Notes had a term of 36 months. Interest on
the Loan Notes was at 8.0% per annum, accruing monthly from the
date of issue and payable annually in arrears. In addition Tranche
1 Loan Notes incurred an additional 5% premium which was rolled up
into the Loan Note principal.
On 22 May 2018 the shareholders approved the early cancellation
of GBP23.7 million of the above Loan Notes and issuance of new
Ordinary Shares of DX in replacement, along with the GBP0.8 million
Tranche 1 issuance premium (total GBP24.5 million), whilst the
remaining GBP0.3 million of outstanding Loan Notes along with
GBP1.1 million of accrued interest was repaid by the Group to Loan
Note holders. The GBP1.1 million interest was paid in cash whilst
the GBP0.3 million Loan Notes was re-subscribed as part of the
GBP4.8 million new equity issuance referred to in note 8.
11 Cash (used in)/generated from operating activities
2018 2017
GBPm GBPm
Cash flows from operating activities
Loss for the period (19.5) (81.1)
Adjustments for:
- Exceptional impairment charges 5.3 74.4
- Depreciation 2.9 2.9
- Amortisation of intangible assets 3.4 4.8
- Finance costs 2.8 0.9
- Tax credit (0.4) (1.2)
- Gain on sale of property, plant and equipment (0.7) (0.2)
- Share of results from associates - 0.2
- Equity-settled share-based payment transactions 0.2 -
Net cash (loss)/profit (6.0) 0.7
------- -------
Changes in:
- Trade and other receivables 1.4 (4.1)
- Trade and other payables (3.6) 3.6
- Deferred income (0.8) (3.2)
- Provisions (1.4) 3.0
------- -------
Net change in working capital (4.4) (0.7)
------- -------
Cash (used in)/generated from operations (10.4) -
------- -------
12 Annual General Meeting
The Company's 2018 Annual General Meeting will be held at
finnCap, 60 New Broad Street, London EC2M 1JJ on 4 December 2018 at
11 a.m.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR DMMGGDZDGRZM
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