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No end to the positive news flow at the moment.
How fortunes, particularly on AIM, can change almost overnight - well, for DX, since this time last year anyway, when its very survival was in doubt!
Dare we entertain the thought that this could finally move up through 40p this year?
Yesterday.. I expressed suprise that Tuffnells had stuggled to raise finance/investment. For the first time I read Tuffnells latest accounts last night and I'm not suprised in the slightest. The liabilities both current and ongoing are just to great. The administrators have acted very swiftly to cease operations immediately which is a dramatic step. I'm sure DX will have read the accounts and realised what a difficult position they were in and probably knew for quite a while that administration was a possibility.
"I fear this lot will get indigestion I'm afraid and take on more than they can cope with".
Yes, but not as much as if they hadn't had the prescience (or luck!) to launch their 3-year investment program when they did, including 8 new depots I think in the current financial year!
I fear this lot will get indigestion I'm afraid and take on more than they can cope with.
DX and Tuffnell's share some of the same customers who will simply send their freight to DX.
Back to entire trailers not getting released due to capacity problems
Today's positive start ties in with last night's Mello event, where a large majority of attendees voted it a "Buy".
Must be pretty manic in the DX sales offices today. Tuffnells customers have been told that they can collect their own undelivered items from depots. Can't imagine there is much other choice out there for bigger contracts like Evans and Wickes
Yes.. a very sad day for Tuffnells and particularly their employees in this economic climate. It's a shame a company primarily operating in a niche has gone and it's surprising they've had trouble raising finance and indicating inflationary and competitive pressures. Dx is not immune to this and sound financial, resource and operational management is so important. DX if they are on the ball should have had some knowledge of Tuffnells difficulties for a while and should have plans in place to exploit the situation. Dx will no doubt pick up some business and staff but that doesn't always guarantee continued success... it's not as easy as that. !
An awful day for Tuffnells, and not one that anyone would wish upon their staff for any reason, but hard to imagine a greater opportunity for DX fantasy, the biggest rivals in the IDW sector disappear. Even if they pick up just 10% of the Tuffnells business, that is another previously unanticipated £18 million of turnover.
Very unlikely Dx will get involved in possibly buying Tuffnells.... Monopolies and Mergers com probably wouldn't allow as both combined take it to 30-40% of the IDW market. It will be interesting to see how it all pans out but there is opportunity for DX in some form. I was expecting a few more depot announcements before year end in a couple of weeks as per their releases. I'll raise an eyebrow if there aren't any.
Thanks.
Well, I'm still not sure I understand why Dx., a company in the delivery & logistics space, has escaped the travail of others in cyclical industries (not that I'm complaining). I look at the chart over the past few years and see that the company's shares are only around 25% down from the 2021 peak. That's pretty good going when you look around, esp on AIM.
Anyway, hard to doubt that the Tuffnells situation (sorry for them) will put wind into DX's sales, profits and share price. The start (resumption?) of a divi paid a couple of months ago must've helped too.
Unhooked - I don't think that applies to DX management! On the contrary, I imagine the lights will be burning into the night at DX HQ this weekend.
Thanks gents. Enjoy the sunny Saturday!
Interesting link with comments from Tufnells customers which confirms that DX will pick up some new business, even if there is no administration. Might see a bump on Monday as this news digests over the weekend
https://www.trucknetuk.com/phpBB/viewtopic.php?f=2&t=174940
Good summary there. Connect were so desperate to get rid of it they gave it away and also provided the buyers with financing. Looks like they couldn't turn it around. This is bad news for those Tufnells employees but DX in prime position to pick up that business
https://nnn.ng/uk-logistics-company-tuffnells-prepares-for-administration/
Tuffnells have been struggling for years. They were basically given away by Connect to a management team (£15m payable over 3 years but with a loan of £10.5m provided to support it's turnaround). In their 2021 accounts they noted that 2022 would be loss making but had put in place a profit recovery plan and expected to return to profit in 2023. DX will have known all this and made a decision whether to buy them (either pre or post administration) or just let them go under the pick up the business.
Opportunity knocks for DX in more ways than one. Suitors line up.!!!!!
Thank you Parcelman.
In my simple way, I'd expect delivery & logistics to suffer in a recessionary environment so I'm not altogether surprised that Tuffnells are in trouble. Actually I had expected the macro environment to play out negatively for Dx - at least this was one of the concerns - so what does surprise me is that the company appears to have escaped these difficulties. Are Dx management that good operationally and in their performance (as compared to Tuffnells)? Have I alighted upon a company with smart management for once? Surely not, with all the troubles Dx has been through in the last year or so. Any thoughts on why Tuffnells are in trouble but seemingly Dx not, most welcome.
Any links about Tuffnells being in difficulties or is this just a rumour?
The market obviously sees DX as the main beneficiary should Tuffnell's IDW clients need to look elsewhere.
Is Tuffnells being in trouble good news for DX?
I am hearing Tuffnells are in trouble and it seems from the turnaround in the DX share price this afternoon that others are hearing the same thing.
Whoah!... I was very very very close to sell out with a 20% loss...