DX (Group) PLC Trading update (3832A)
February 02 2022 - 1:59AM
UK Regulatory
TIDMDX.
RNS Number : 3832A
DX (Group) PLC
02 February 2022
AIM: DX.
DX (Group) plc
("DX" or "the Group")
Trading Update
DX, the provider of delivery solutions, including parcel
freight, secure courier and logistics services, is pleased to
provide an update on trading for the 26 weeks ending 1 January
2022, the first half of its current financial year.
Trading over the period was in line with the Board's
expectations, despite the tight labour market and customers' supply
chain disruptions. Group revenue was approximately 11% ahead of the
first half of the previous financial year, and the trading momentum
has continued into the third quarter of the financial year.
DX Freight continued to improve its volumes and margins against
the same period last year. Volumes at DX Express were consistent
with the first half of last year, with the product mix showing a
slight shift back towards its historic B2B weighting rather than
B2C, following the easing of coronavirus restrictions. Net new
business at both divisions continued to be robust and the pipeline
of new business opportunities remains extremely healthy.
Network expansion plans progressed well in the period. Following
the opening of four new depots and the expansion of a further depot
in the first half, two new depots were opened in early January
2022, at Bodmin and Coventry, in line with plans. They will support
productivity improvement at DX Freight. An additional five depots
are scheduled to become operational in the second half of the
financial year, supporting both DX Freight and DX Express
activities, and reflecting DX's growth opportunities and the
pipeline of new business.
The Group's financial position remains strong. Net cash at the
period end totalled GBP14.5m (2 January 2021: GBP14.1m) and the
GBP20m invoice discounting facility was undrawn, giving the Group
significant levels of headroom.
The corporate governance inquiry announced on 25 November 2021
is proceeding, and the Company will provide a further update in due
course.
Enquiries:
DX (Group) plc
www.dxdelivery.com
Lloyd Dunn, Chief Executive Officer T: 020 3178 6378
David Mulligan, Chief Financial Officer (c/o KTZ Communications)
finnCap (Nominated Advisor and Joint T: 020 7220 0500
Broker to DX)
Matt Goode/Simon Hicks (Corporate Finance)
Andrew Burdis/Charlotte Sutcliffe (Corporate
Broking)
Liberum (Joint Broker to DX) T: 020 3100 2000
Robert Morton/Nick How/William Hall
KTZ Communications T: 020 3178 6378
Katie Tzouliadis/Dan Mahoney
About DX (Group) plc:
DX is a well-established provider of a wide range of delivery
services to both business and residential addresses across the UK
and Ireland. First established in 1975 as a Document Exchange
service to the legal sector, DX now provides one of the widest
ranges of overnight delivery services in the market, as well as
logistics services. Items that DX transports range from
confidential documents and valuable packages to large,
awkward-to-handle freight, unsuitable for automated conveyor.
DX Freight: comprises DX 1-Man, DX 2-Man and Logistics. The
Division specialises in the delivery of irregular dimension and
weight freight ("IDW").
DX Express: comprises DX Parcels and DX Exchange and Mail. The
Division specialises in the express delivery of parcels and
documents.
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END
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