DX (Group) PLC Trading Update (5811F)
19 Julio 2021 - 01:00AM
UK Regulatory
TIDMDX.
RNS Number : 5811F
DX (Group) PLC
19 July 2021
AIM: DX.
DX (Group) plc
("DX" or "the Group" or "the Company")
Trading Update
DX, the provider of delivery solutions, including parcel
freight, secure courier and logistics services, is pleased to
announce an update on trading for the 53 weeks ended 3 July
2021.
Since the last market update on 13 May 2021, the Group has
continued to trade well, with strong ongoing momentum at DX
Freight, ahead of management expectations, and good progress at DX
Express. As a result, the Board now anticipates that DX will
significantly exceed existing market forecasts(1) for adjusted
profit before tax for the financial year ended 3 July 2021.
Reflecting the increase in profitability, net cash at the year-end
is also better than expected at GBP16.8m (2020: net cash of
GBP12.3m), a rise of 37% year-on-year.
The outperformance at DX Freight is expected to result in the
division's revenue for the financial year being approximately GBP6m
higher than previously anticipated. DX Express, which provides
secure express deliveries, performed well, in line with management
expectations as lockdown restrictions lifted. Both divisions
secured good levels of new customer wins and increased volumes from
existing customers. These increased volumes, coupled with
productivity improvements, have benefited operating margins,
particularly at DX Freight.
The Group has continued to expand its depot network, in line
with growth plans. As well as adding capacity, this has also driven
customer service benefits. Since March 2021, three new DX Express
depots have been opened, in Glasgow, Rotherham and Middlesbrough,
and the existing DX Freight depot at Maidstone has been
significantly enlarged. The Hoddesdon depot, which serves DX
Freight, was also extensively upgraded in April. Further investment
in the depot network is on track, and a total of fifteen new depots
are now planned over the next two years.
The Board remains confident about DX's prospects, and expects to
publish the Group's preliminary results for the 53 weeks ended 3
July 2021 in late September 2021.
Note 1: Adjusted pre-tax profit excludes share-based payments
and amortisation of acquired intangibles. Prior to this
announcement, the range of market estimates for adjusted pre-tax
profit for the current financial year was GBP10.0m - GBP10.3m.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
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/Euan Brown/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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