4 Feb 2020 07:00
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 first half of its current financial year ending 30 June 2020.
Trading over the first six months of the financial year has been encouraging, with DX's performance benefiting from improved service levels and increased new business. First half results are therefore expected to show a material improvement on the same period last year, principally led by the ongoing turnaround of the DX Freight division. The Board expects further progress in the second half, historically the Group's stronger trading period, and believes that DX remains on track to achieve current market expectations* for the financial year.
As part of the Group's £10m capital investment programme over FY 2020 and 2021, DX Freight opened a new depot at Ipswich in the period, and additional depots are expected to be opened over the calendar year. Together with the installation of new mechanisation at the central hub, this will help increase capacity and productivity. DX Express successfully completed a pilot of its new handheld devices and has started to rollout the new technology across all its service centres, with completion targeted for April 2020.
The Board expects to report interim results in early March 2020 and will provide a further update on trading at that time.
* Market expectations mean the current forecasts from finnCap. Links to these forecasts are available in the investor section of the DX website by following the link below:
https://investors.dxdelivery.com/websites/dxgroup/English/5050/broker-notes.html
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries:
DX (Group) plc www.dxdelivery.com |
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Ronald Series, Executive Chairman Lloyd Dunn, Chief Executive Officer David Mulligan, Chief Financial Officer |
| T: 020 3178 6378 (c/o KTZ Communications) |
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finnCap (Nominated Advisor and Broker) |
| T: 020 7220 0500 |
Matt Goode/Simon Hicks/Hannah Boros (Corporate Finance) Andrew Burdis/Camille Gochez (ECM)
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KTZ Communications |
| T: 020 3178 6378 |
Katie Tzouliadis/ Dan Mahoney |
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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 standard conveyors.