DX (Group) plc ("DX") is an independent mail, parcels and logistics end to end network operator in the UK and Ireland (Eire) established in 1975, delivering approximately 170 million items in 2013. DX provides next day delivery services for mail, parcels and 2-Man deliveries to business and residential addresses nationwide, for both public and private sector companies. In particular, DX specialises in next day or scheduled delivery of time sensitive, mission critical and high value items for B2B and B2C customers. In March 2012, DX acquired Nightfreight, subsequently named DX Freight, a specialist in the field of irregular dimension and weight freight in the UK B2B and B2C markets with over 7 million deliveries per annum.


IPO Date - 27/02/2014
DX.:LSE is traded on the London Stock Exchange Alternative Investment Market (Aim)

https://www.thedx.co.uk/

Interim financial results

Financial highlights

- Revenue from continuing operations increased by £4.7 million or 3.2%

- EBITDA before exceptional items of £13.5 million is consistent with the six months to 31 December 2012 but is stated after charging £1.4 million of additional operating lease costs in relation to new vehicles. These new leases replaced vehicles previously acquired under finance leases with the related costs declared as finance charges and depreciation

- Cash generated from operations of £15.3 million

- Senior debt repayments of £24.1 million

- Sale of DX Business Direct for £5.5 million, yielding a net profit of £1.2 million before tax

- As this statement of Interim financial results relates to a trading period prior to Admission, no interim dividend is declared. Based on the Directors' expectations of current and future trading a dividend will be paid for the year ending 30 June 2014 (for the proportion of the year for which the company's shares were trading on AIM)



Operational highlights

- New Customer wins in targeted sectors to commence in the second half

- Upgrading and rationalisation of operating facilities continues including multi-site relocations to three new facilities at Heathrow, Plymouth and Exeter

- Continued roll out of the new Delivered Exactly branding to replace the Nightfreight (now DX Freight) brand. Winner of the best B2B brand initiative at the B2B Marketing Awards 2013

- Investment in IT infrastructure, including a new data network across DX Freight

- Development of integrated software across DX Express handheld devices, enabling transfer of deliveries between B2B/B2C networks and providing for a reduced number of delivery routes




http://www.moneyam.com/action/news/showArticle?id=4777610

Moving nicely north now.

Trading update

RNS


RNS Number : 2776M

DX (Group) PLC

15 July 2014






AIM: DX



DX (Group) plc

("DX" or "the Company")



Trading Update



DX, the leading independent parcels, mail and logistics network operator, is pleased to announce an update on trading for the year to 30 June 2014.



Trading during the second half of the financial year, which traditionally accounts for a significant weighting of the year's trading profit, has been good and the Company is expected to report full year results in line with current market expectations.



Full year results are expected to be announced on 29 September 2014.



It is worth noting that results for the year ended 30 June 2014 will incorporate a period before DX's Admission to AIM on 27 February 2014, in which it was in private equity ownership with a significantly different capital structure.

Final Results

RNS


RNS Number : 7971S

DX (Group) PLC

29 September 2014












AIM: DX





DX (Group) plc

("DX" or "the company" or "group")



Leading independent parcels, mail and logistics operator



Full year results for the year to 30 June 2014



Key Points



Please note that these results include eight months of trading with the pre-AIM admission capital structure and four months of trading with the recapitalised post-AIM admission structure.



· Maiden full year results in line with market expectations



· Admission to AIM & Placing in February 2014 - recapitalisation has substantially strengthened DX's balance sheet



· Revenues from ongoing activities up 4% to £304.2m (2013: £292.5m)

Total revenues up 2% to £312.0m (£305.7m)



· EBITDA of £34.4m (2013: £34.4m)

Pro forma EBITDA, after all lease costs, up 2.4% to £33.7m (2013: £32.9m)



· Exceptional items and non-recurring costs totalled £59.0m and mainly related to financial restructuring completed prior to AIM admission



· Proposed final dividend of 2.0p per share in respect of the four month period post AIM admission



· Encouraging progress over the year with turnaround programme and operational initiatives



· Positive outlook - strengthened platform to pursue growth strategy





Peter Cvetkovic, Chief Executive Officer, commented,



"Our recapitalisation and admission to AIM in February has marked an important point in DX's development. We are now very well placed financially and operationally to pursue our long term growth strategy, underpinned by a strong balance sheet and good cash flows.



Over the next three years, our main focus continues to be on the turnaround of DX Freight, the underperforming delivery business we acquired in 2012. Hand in hand with this, we are streamlining and developing DX's distribution network. Our goal is to create a 'OneDX' culture and service offering, underpinned by enhanced technology and unified systems. This transition puts us in a better position both to grow profitably and to provide Customers with the outstanding service delivery that we are constantly striving for.



We have accomplished much in the year. Trading in the new financial year is in line with management expectations and we continue to view prospects for the new financial year positively as we implement our turnaround and efficiency programmes."

Is this just a natural dip between results?

In March 2012, DX acquired Nightfreight, the market leader for irregular dimension and weight freight in the UK B2B and B2C markets with over 7 million deliveries per annum. Nightfreight, subsequently named DX Freight, was an under invested and poorly performing business that DX acquired as a turnaround opportunity. The above has a 3 year window to turn it around. The results were inline. I see two holdings comp increased holdings and one pulled out in the last few days. Just looking at UK Mails sp has dropped from a high of £7+ to todays 399p, with cantor giving a 700p buy rec. seems over sold . One I hope comes right.

British bulls .com -


DX(GROUP)



Last Signal: STAY SHORT


Last Pattern: BULLISH ENGULFING



Last Close:
98.0000


Change:
+1.5000

Percent change
+1.55%

ourbanner01




Signal Update

Our system’s recommendation today is to STAY SHORT. The previous SHORT signal was issued on 16/10/2014, 15 days ago, when the stock price was 100.9000. Since then DX.L has fallen by -2.87%.

Market Outlook

Alarm bells are ringing for those holding short positions. We are on the verge of telling an end to the bearish phase in the market and acknowledge the ascendancy of the bulls.

Signal Update

Our system’s recommendation today is to BUY. The BULLISH ENGULFING pattern finally received a confirmation because the prices crossed above the confirmation level which was at 91.2500, and our valid average buying price stands now at 93.2500. The previous SHORT signal was issued on 16/10/2014, 39 days ago, when the stock price was 100.9000. Since then DX.L has fallen by -7.58%.

Market Outlook

The bulls have strong evidence on their side and this evidence prompts us to make a bullish bet. The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. It is probably the right time to be part of this boost and bullish market sentiment. The market is telling you about a possible new profit. Do not miss this chance.


http://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=DX.L

Acquisition of minority stake in Gnewt Cargo

RNS


RNS Number : 1595Z

DX (Group) PLC

09 December 2014






AIM: DX

DX (Group) plc

("DX")



Leading independent parcels, mail and logistics operator



Acquires significant minority stake in 'green' delivery services provider,

Gnewt Cargo



DX, the leading independent parcels, mail and logistics network operator, is pleased to announce that it has acquired a 49.8% shareholding in Gnewt Cargo Limited ("Gnewt"), the fast-growing environmentally-friendly delivery services provider, for approximately £1.75 million in cash on completion. The co-founders of the business will retain the balance of shares in Gnewt and will continue to lead the ongoing growth of the business following acquisition. Supplementing the founders of the business, DX will be appointing two directors to the Board of Gnewt.



Founded in 2009 with the aim of reducing pollution, particulate emissions and congestion, Gnewt operates a fleet of over 100 electric zero-emission vehicles, including cargo-cycles and minivans. It offers multi-drop 'last mile' delivery services in Central London.



Gnewt has been independently verified to cut carbon dioxide emissions per parcel delivered by 62% and its services have won multiple awards, including most recently, Corporate Environment Winner 2014 at the National Institute of Courier awards and the Transport Solutions Provider of the Year 2014 from the Energy Saving Trust Fleet Hero Awards. In addition, its delivery services achieve 99.5% on time and accuracy.



Gnewt has grown rapidly since inception and by 200 per cent over the course of the past year to achieve annualised revenues of approximately £3.75 million and EBITDA of circa £0.3 million. DX will be supporting Gnewt's continuing growth and, in particular, the roll-out of its services across other cities in the UK. The investment will provide new capability for DX's existing Customers in the Legal, Financial and Public sectors as well as enhancing its existing operations in both the high street and Ecommerce retail arenas.



Petar Cvetkovic, Chief Executive of DX, commented:



"I am delighted that Matt and Sam, who both co-founded Gnewt, have chosen to partner with DX. We use Gnewt's services ourselves and therefore know just how efficient and Customer-focused they are - and, of course, how they help to reduce emissions and make city centres better places to be. We now look forward to working with the Gnewt team to expand their environmentally-friendly 'last mile' delivery services to other UK cities. We will be combining Gnewt's technical expertise with DX's funding support and core volumes to start-up Gnewt locations across the UK."



Sam Clarke, co-founder and director of Gnewt Cargo, said:



"The idea behind Gnewt was to offer an outstanding delivery service within city centres while making a difference to air quality and people's well-being. Gnewt has grown fast over the last five years and we want to take our service to other UK cities. DX shares our vision and like us is passionately committed to delivering a great service to Customers. We are very excited by this new partnership - it represents a new stage in our development and growth."

Acquisition of certain assets from City Link
RNS
RNS Number : 3320B
DX (Group) PLC
06 January 2015





AIM: DX

DX (Group) plc

("DX")



Leading independent parcels, mail and logistics operator



DX acquires certain assets from City Link (In Administration)



DX, the leading independent parcels, mail and logistics network operator, announces that it has reached agreement with the Administrators of City Link Limited ("City Link") to acquire certain City Link assets, comprising cages, scanners and certain intellectual property, for a total cash consideration of £1.125m.



Petar Cvetkovic, Chief Executive of DX, said:



"It is very sad that City Link has been unable to continue as a going concern, particularly for its employees and contractors. The Administrators are now proceeding with an orderly sale of assets and we have made a limited investment to acquire certain assets.



We are also doing all we can to provide opportunities for former City Link employees and contractors and to offer solutions to Customers who may need a new carrier."

Half yearly report

Market buzz - The price war in the logistics space has put a major dent in the share price of recently floated DX Group. After jumping as high as 145p last May the shares closed on Monday at 94.75p. The decision by Amazon.com to launch its own delivery service has not helped matters any. Conditions are so difficult that even the demise of competitor City Link, on Christamas Eve, has failed to benefit any of its competitors. The company says some rivals "continue to offer unsustainably low prices". Maybe so, but as history suggests, price wars can go on longer than logic would suggest, writes The Times's Tempus.

Conditions are so difficult that even the demise of competitor City Link, on Christamas Eve, has failed to benefit any of its competitors

Really ????

Clipper logistics seems a better bet at the moment.

Final Results
RNS
RNS Number : 5930Z
DX (Group) PLC
21 September 2015





AIM: DX.



DX (Group) plc

('DX' or 'the company' or 'the group')



Leading independent parcels, mail and logistics operator



Preliminary results for the year to 30 June 2015



It should be noted that the comparative results for the prior year include eight months when DX was under private equity ownership and only four months as an AIM-quoted company with a recapitalised balance sheet.

KEY POINTS

· A satisfactory performance - continuing progress with business transition



Financial



· Revenues from ongoing activities of £297.5m (2014: £304.2m)

- progress with new customer wins offsetting programme to exit commercially unattractive contracts

· Adjusted EBITDA steady at £33.7m (2014: £33.7m)



· Adjusted PBT of £26.7m (2014: £27.7m) / Statutory PBT of £24.8m (2014: loss of £55.7m)



· Adjusted EPS of 10.9p (2014: 10.7p) / Statutory EPS of 9.9p (2014: loss of 70.2p)



· Strong cash generation from operating activities of £27.7m (2014: £23.8m)



· Net debt reduced to £1.8m at year end (2014: £12.2m)



· Significant capital expenditure of £9.9m (2014: £8.7m) - to support OneDX programme



· Proposed final dividend of 4p, taking the total for the year to 6p (2014: 2.0p - in respect of the four month period post AIM admission)



Operational



· Continued progress with OneDX programme

o all trading entities integrated under one company structure

o operational management brought under a single reporting structure

o key functions centralised, including sales, operations, customer services, finance, HR and IT

o ongoing network consolidation and development



· Acquisition of certain assets from City Link (in Administration) and purchase of a 49.8% shareholding in Gnewt Cargo, a zero-emissions logistics company



· Ongoing IT investment to enhance service levels



· Proposed development of a major new hub - 44 acre site in the West Midlands acquired, subject to planning consent



· Board confident of strategy to deliver long-term growth



Petar Cvetkovic, Chief Executive Officer of DX, said:



"We have continued to make steady progress with our OneDX programme. This substantial and ongoing investment across the business supports our aim of providing enhanced delivery solutions to our customers. It is also creating a more efficient operating structure to underpin our offering, which is based on a market-leading range of services, value and high customer service levels.



"Trading conditions in the second half remained challenging and given these tough conditions the performance of the business for the year has been satisfactory. The group continues to generate strong cash flows, which supports our investment programme, including our proposed major new hub, and our progressive dividend policy.



"Looking forward, our OneDX programme remains a key focus and we have a solid strategy supported by a robust balance sheet. Trading conditions continue to be tough but we are well placed to take advantage of any improvement and we have started the year in a positive manner. The Board remains confident of our strategy to deliver long term growth."

oops, 3 brokers with TP of 110p - 115p. Got to love these experts.
2517

Is it ready to bounce after last Friday disaster at 25p?
it went to 27p earlier and since a 50% intra day retracement

why the collapse on friday?
markets were weak, but that is disproportionate

thought the same but my online broker doesn't recognise the stock so can't trade.

I thought the ticker was DX.

cp1

It is DX. the ticker. plenty of movement yet up and down, some they want to get out others like you thing is overdone, give it time to settle if you still keen on them @ 25p they yield 10% on the 2.5p company said will pay next year, below a resume of what happened last Friday............

DX Group trading update sees the shares tumble: is the sell-off overdone?

The trading update from the parcels, mail and logistics operator, for the financial year to 30 June 2016 has seen the shares more than halve in quick time. Clearly some big holders have had enough! However, the severity of the sell-off suggest some irrational Friday selling may have got the better of them. A bargain on offer or more to fall?

The trading statement confirmed that trading conditions in the new financial year remain challenging, with pricing pressure a significant factor. The DX Exchange operation is experiencing a higher than expected level of volume erosion and there have been increased cost base pressures, mainly arising from driver resourcing issues (where there is an industry wide shortage). In addition, the new business pipeline in the parcels operation, while healthy, is converting more slowly.

Revenues for the first four months are 5.3% down against the prior period and profits will be significantly below current market forecasts, being previously for pre-tax profit of £27.45m and eps of 10.9p. The proposed dividend payout for the full year is now 2.5p per share (from 6.10p) which equates to a yield of a whopping 10% at the now discounted share price, seemingly well covered by earnings, although not necessarily by cash. Debt is also forecast to climb given the proposed investment. Management commented how they are “positioning the business for long term success, creating a more efficient operating structure to support our services under our OneDX programme.” That all sounds reasonable if some short term pain will result in future gain, however Mr Market seems to think it’s all terminal.

House broker Zeus has taken a hatchet to estimates: EBITDA is cut by 42% to £20.0m in FY16 (previously £34.5m) leading to earnings declining by 55% to 4.9p. The dividend is cut to 2.5p (previously 6.2p) and it is forecast that it will remain at this level in both FY17 and FY18. Net debt increases to £26.5m and £40.0m in FY16 and FY17 (previously £18.5m and £40.0m), however, this assumes an investment of c. £37.0m in to the new hub, weighted 60% in FY16. Excluding this investment net debt would be below £10.0m in FY16 falling marginally in FY17. Earnings estimates are therefore forecast to fall over the next 3 years 2016/17/18 to 4.9p, 4.7p and 4.3p respectively Assuming the now lowly 25p share price this puts the shares on a June 2016 multiple of 5.1x rising to 5.8x in 2017. Arden Partners arrived at an even more drastic scenario with revised forecasts: 2016 Revenues £301m to £288m, PBT £27.9m to £9.9m, EPS 10.7p to 3.9p DPS 6.1p to 2.5p

For those after a ‘possible’ 10% yield who are happy to wait a few years for growth to reappear, it could an interesting one.
Http://www.investorschampion.com/blog/entry/dx-group-aimdx.-trading-update-sees-the-shares-tumble-is-the-sell-off-overd#sthash.Umz9tgfD.dpuf

Thanks. Equiniti doesn't recognise the symbol :-(

DX (Group) PLC (LON:DX) was downgraded by research analysts at Numis Securities Ltd to a “hold” rating in a research report issued on Monday, Analyst Ratings Network.com reports. They currently have a GBX 33 ($0.50) price target on the stock, down from their prior price target of GBX 110 ($1.67).
Numis Securities Ltd’s price target indicates a potential upside of 43.48% from the company’s current price.
http://www.dakotafinancialnews.com/dx-group-plc-lowered-to-hold-at-numis-securities-ltd-dx/656040/

RE: way oversold ?

P/E Ratio TTM 2.11
Price to Sales TTM 0.16
Price to Cash Flow MRQ 4.71
Price to Free Cash Flow TTM 4.71
Price to Book MRQ 0.24

This afternoon has settle and looks ready for the much expected bounce
order book has change also and is at the moment slightly stronger on the bid side
and on the ticker there is 5 buys for every 1 sell now

cp1 - try dx..l which works on ig ...... you're correct that the underlying ticker is dx.

having read the stuff that mentor kindly posted, this looks like one to trade quickly -watch for bear closing perhaps tomorrow as dow now very strong (+120) and ftse showing +35 after close - or be prepared to hold for a long time and hope there are any more skeletons

==============

re driver shortage
racing certainty that in line with so many of these companies, they treat their drivers very badly and pay the bare minimum ..... chances are that they demand that their drivers are self-employed, so they get screwed even more badly ...... that would be why they churn staff ..... a really dumb attitude to their most important asset

Is it ready for the bounce @ 21.25p?
The lowest point was last Friday @ 18.75p, has been rising since
the level 2 just now is a bit weak at the bid price after the 1p rise

The sings are that the bounce is certainly on
on a strong order book as share price movement up on any small buying

Indicators at oversold are rising also

23.75p +1p

And a nice follow through this morning, up another 1.25p on what comes into sight a big red day for the general market.

After the rise, an as the market got more negative there is a 2 ways trading, will take it a consolidating

Interim Results were on 16th February last year.

DX, the leading independent parcels, mail and logistics operator, will report results for the half year ended 31 December 2015 on 29 February 2016.

Half Yearly Report

EY POINTS

Financial

· Half year results in line with revised management expectations

· Revenue of £141.6m (2014: £147.4m)

· Adjusted* profit before tax, before one-off exceptional item, of £2.4m (2014: £10.7m)

· Profit before tax, before one-off exceptional item, of £1.3m (2014: £9.9m)

· Goodwill impairment of £88.4m (2014: nil) in the period - a non-cash charge - reflecting challenging industry conditions and profit decline

· Reported loss before tax, after exceptional item, of £87.1m (2014: profit of £9.9m)

· Adjusted EPS of 1.1p (2014: 4.3p) / Reported LPS, after exceptional item, of 43.6p (2014: profit of 3.9p)

· Net debt at 31 December 2015, a high point in the annual cycle, of £12.3m (2014: £12.1m)

· Interim dividend of 1.0p per share proposed (2014: 2.0p), subject to shareholder and Court approval of a capital reduction. Board commitment to full year dividend of 2.5p per share

Operations

· Plans are in place to proceed with the third party development of the new central hub in the West Midlands subject to planning permission and developer funding, that will:
o require no additional debt borrowings for DX
o provide for significant operational and financial benefits
o enable DX management to remain focused on delivering the OneDX strategy

· OneDX integration programme progressed steadily - with two further site co-locations and additional IT integration

· Continuing service improvements - with launch of 'DX Parcel Exchange' service - offers customers a market-leading 'pick up and drop off' solution

· Sales team transformation completed - now beginning to deliver material new business wins to replace managed exit of low margin contracts

* The following definition has been applied consistently throughout the announcement of interim results:
Adjusted profit before tax and adjusted earnings per share:
· exclude the £1.1m amortisation of acquired intangible assets for the six months to 31 December 2015 (£0.8m for the six months to 31 December 2014 and £1.9m for the year to 30 June 2015). The remaining amortisation relates to capitalised developed software that is being written down over 3 to 5 years.
· exclude £88.4m exceptional items reflecting impairment of goodwill (£nil for both the six months to 31 December 2014 and the year to 30 June 2015).

Petar Cvetkovic, Chief Executive Officer, commented:

"Half year results are in line with revised management expectations, having been substantially impacted by the specific trading pressures outlined in November. The management team continues to focus on responding to these issues.

Although market conditions remain difficult, we have completed the managed exit of a number of unattractive contracts and have seen our sales team start to secure attractive new contracts. In addition, we continue to make steady progress with our strategic OneDX programme including our plans to develop our new central hub.

Despite the current headwinds to the business, and with much to do still in the seasonally important second half, the Board anticipates that the Company will trade over the full year broadly in line with its expectations. We continue to position the Group for longer term sustainable growth and the Board remains confident in the medium term outlook for the Group."

Cantor Fitzgerald Hold 22.50 26.00 26.00 Reiterates

Cantor Fitzgerald Hold 19.88 26.00 23.00 Reiterates

Acquisition of Legal Post and First Post

DX, the leading independent parcels, mail and logistics operator, is pleased to announce that it has exchanged contracts for the acquisition of the trade and assets of The Legal Post (Scotland) Ltd ("Legal Post") and First Post Ltd ("First Post") from First Scottish Group Ltd ("First Scottish") for a total consideration of £3.25m in cash, with completion expected at the end of May.

Legal Post provides a document exchange and postal service in Scotland, delivering legal documentation quickly and efficiently. First Post operates a Downstream Access mail service in Scotland offering a high quality, cost effective alternative to Royal Mail's first and second class services. The operations generated combined sales of £5.2m and operating profit of £0.6m for the year ended 31 May 2015.

Following completion, DX will combine Legal Post and First Post with its existing operations in Scotland to offer an enhanced service to both sets of customers. It also anticipates making cost savings of at least £0.6m.

Update on the proposed West Midlands hub

The Board of DX announces that, at the local authority planning hearing held late last night regarding the development of the Company's proposed new central hub in the West Midlands, the planning application was not approved.

The Board of DX will now consider its options, including an appeal against the decision, in consultation with its planning and property advisers. A further announcement will be made in due course.

Trading Update

DX, the leading independent parcels, mail and logistics operator, is pleased to provide a trading update for the second half of the financial year to date.

Trading to date in the second half of the financial year has been in line with management expectations, with customer renewals at the DX Exchange operations at anticipated levels. The Company therefore remains on course to meet management expectations for the financial year.

The Board is reviewing its options regarding the proposed new central hub in the West Midlands. These options include an appeal against the decision by the local authority planning hearing to decline DX's planning application, as announced on 18 May.

Management continues to position the Group for longer term sustainable growth and the Board remains confident in the medium term outlook for the Group.

Trading Update and Board Change

DX, a leading independent parcels, mail and logistics operator, provides a trading update for the year ended 30 June 2016, including its proposed new central hub and contract with Her Majesty's Passport Office ("HMPO"). In addition, it reports a change to its Board of Directors.

The Company is pleased to confirm that trading for the year ended 30 June 2016 is in line with management expectations, following a satisfactory second half. In terms of progress with its proposed new central hub in the West Midlands, the Board is proceeding with an appeal of the decision made by the local planning authority announced on 18 May, as well as considering suitable alternative sites. Regarding its contract with HMPO, the Company is pleased to confirm that the tender process is now underway with the outcome expected by October.

The Company also announces that Ian Pain, Chief Financial Officer, has decided to step down from his role and the Board to pursue new opportunities. The process to identify his replacement is underway and Ian will remain with the Group in order to ensure an orderly handover with his successor. The Group will make a further announcement regarding an appointment in due course.

DX's full year results are scheduled to be announced in mid-September 2016.

Results imminent.

GCM Partners II L.P. > 3%

Preliminary results for the year ended 30 June 2016

KEY POINTS

Financial

· FY results in line with revised management expectations and reflect the impacts outlined in H1

· Revenue of £287.9m (2015: £297.5m)

· EBITDA of £18.0m (2015: £33.7m)

· Adjusted* profit before tax and exceptional items of £11.5m (2015: £26.7m)

· Exceptional (non-recurring) items of £92.1m - includes goodwill impairment of £88.4m (2015: nil) as announced with the interim results, a non-cash charge which reflected challenging industry conditions and profit decline

· Reported loss before tax of £82.7m (2015: profit of £24.8m)

· Adjusted* EPS of 4.9p (2015: 10.9p) / Reported loss per share of 42.1p (2015: EPS of 9.9p)

· Net debt at 30 June 2016 of £9.8m (2015: £1.8m)

· Proposed final dividend of 1.5p per share (2015: 4.0p), subject to shareholder approval and in line with Board's commitment to full year dividend of 2.5p per share

Operations

· Strong focus on addressing the trading issues of H1 including:
- DX Exchange; H2 renewals in line with management expectations
- Driver resourcing issues; now stabilised but ongoing higher costs reflect continuing shortages of CPC-qualified drivers

· Continued progress with 'OneDX' programme - including network development and IT infrastructure investment

· Ongoing improvements to customer service including launch of 'DX Parcel Exchange' service, a market-leading 'pick up and drop off' solution

· Planning appeal submitted and public consultations commenced in respect of a revised proposal for potential new central hub in the West Midlands

· Post period, further targeted investment in IT and sales

· Outcome of HMPO contract tender expected by the end of November

· Daljit Basi appointed to the Board as Finance Director - see separate announcement

· Integration of Legal Post and First Post resumed after lifting of CMA's Initial Enforcement Order

* Adjusted profit before tax and adjusted EPS exclude amortisation of intangibles and exceptional items






Petar Cvetkovic, Chief Executive Officer, commented:

"It has been a challenging year, with the specific trading pressures we reported in the second quarter of the year having a substantial impact on profitability. Our focus has been on responding to these pressures while also driving forward our 'OneDX' programme and further improvements to our already high levels of customer service.

We continue to take positive steps to address the Group's performance and to support this we are making further targeted investment in IT and sales. While there are still uncertainties ahead as we await the outcome of the HMPO tender process and our planning appeal, we have confidence that our business transformation plans will deliver long term benefits."

Board Appointment

Numis Hold 21.25 23.00 23.00 Retains

Cantor Fitzgerald Hold 21.25 23.00 23.00 Reiterates

Gatemore Capital -> 5%

Posting of Accounts & Notice of AGM

DX, the leading independent parcels, mail and logistics network operator, announces that its Annual General Meeting, which is to be held on 6 December 2016 at DX House, Ridgeway, Iver, Bucks, SL0 9JQ, will now start at the revised time of 10.30am.

HMPO Contract and Trading Update

DX, the independent parcels, mail and logistics operator, announces the outcome of the tender process for the contract with Her Majesty's Passport Office ("HMPO") and provides an update on current trading, including its planning appeal and revised proposal for a new distribution centre in the West Midlands.

Following the conclusion of the tender process for the Home Office contract covering secure delivery services for HMPO, UK Visas and Immigration, National Crime Agency and General Register Office, the Company has been notified that it has been provisionally awarded the contract, which remains subject only to the finalisation of documentation. The contract is for an initial two year period and may be extended by up to two years.

Trading conditions over the first half of the financial year have remained challenging and there has been margin pressure mainly resulting from a change in revenue mix. Nonetheless, with a number of major new contracts due to commence and an encouraging pipeline of new business opportunities under active negotiation, management remains focused on meeting its existing expectations for the full year.

The Company's planning appeal and revised application to develop a new central hub in the West Midlands remains under consideration by the local authority and DX now expects a decision by mid-February. A further update on this will be provided in due course.

Petar Cvetkovic, Chief Executive Officer of DX, said:

"We are very pleased to have retained the Home Office contract in this tender process. We are proud to have provided a high quality service to HMPO for over a decade, setting market-leading standards of security and care during this time, and we look forward to building on these achievements.

Trading pressures remain in the business but we are focused on meeting management expectations for the full year and are encouraged by both the new contracts due to start and by the pipeline of new business opportunities under active negotiation."

Numis Under Review 19.50 - - Under Review

Interims due on 1st March.

If they are still here. Thought they were set to recover.

Requisition of General Meeting

DX announces that it has received on behalf of Gatemore Capital Management LLP (the "Requisitionist"), the beneficial owner of in excess of 11 per cent. of the paid up capital of the Company carrying voting rights at general meetings of the Company, a notice, pursuant to sections 168 and 303 of the Companies Act 2006 (the "Act"), requisitioning a general meeting of the Company's shareholders (the "Requisition").

The Requisition proposes resolutions to replace the two current Non-executive Directors of the Company, being Bob Holt and Paul Murray, with the following four individuals, Ron Series, Paul Goodson, Russell Black and Lloyd Dunn. The Requisition further proposes that Ron Series be appointed as Chairman of the Company. If such resolutions are passed, all of the Company's Non-executive Directors will have been proposed by the Requisitionist.

The Board of Directors currently intends, in accordance with section 304 of the Act, to call such a general meeting within 21 days of the receipt of the Requisition and to provide for such meeting to be held on a date not more than 28 days after the date of the notice of such meeting.

Shareholders are advised to take no action at this time. Further announcements will be made in due course.

Response to Requisition Notice

The Board of DX is disappointed by the decision taken by Gatemore Capital Management LLP ("Gatemore") to requisition a general meeting of the Company. The Company believes it has an open and constructive dialogue with its shareholders and, at this stage, outside of Gatemore's proposal to replace DX's two existing Non-executive Directors, the Board is unclear as to Gatemore's intended objectives in requisitioning a meeting.

As announced in early February, the Board has commenced a wide-ranging review of the Company's operations with a view to driving revenues and improving its financial performance. The Board is pleased with the progress being made in this regard and with its wider initiatives. In addition, it has strengthened the Company's Senior Management Team with a number of new appointments, including Nick Cullen as Chief Operating Officer. Ian Gray, a highly experienced business transformation specialist, has also been acting as a consultant to the Board since mid-January.

The Company will be reporting on the half year ended 31 December 2016 on 31 March 2017 when a further update on its progress will be given. In the intervening period, the Board will continue to pursue current initiatives to the benefit of shareholders and views Gatemore's requisition notice as disruptive to management efforts and focus.

As previously confirmed, the Board of Directors currently intends, in accordance with section 304 of the Act, to call such a general meeting within 21 days of the receipt of the Requisition and to provide for such a meeting to be held on a date not more than 28 days after the date of the notice of such meeting.

Shareholders are advised to take no action at this time. Further announcements will be made in due course.

Major New Contract Win

DX, the independent parcels, mail and logistics operator, is delighted to announce that it has won a major contract worth in excess of £10m per annum providing bespoke logistic services for Avon UK, the leading beauty company. The contract, which is now underway, was awarded after a lengthy competitive tender process and is for an initial 3-year term. The win underpins management's existing expectations of the Company's performance in the current financial year.

Avon will benefit from DX's integrated capability, which will provide for an enhanced customer service experience.

Petar Cvetkovic, Chief Executive Officer of DX said:

"We are pleased to have secured this major new contract with Avon UK. The bespoke logistics solution we have designed for Avon reflects our customer-centric approach and highlights the 'OneDX' capability. Our services are now underway and should provide for more efficient and flexible deliveries and ultimately an improved customer experience."

Interim Results

KEY POINTS

Financial

· Revenue of £142.7m (2015: £141.6m)


· EBITDA of £3.9m (2015: £5.6m) / Adjusted* PBT of £0.6m (2015: £2.4m)


· Reported LBT of £29.3m (2015: £87.1m) - after exceptional items of £28.8m, relating mainly to goodwill impairment (2015: £88.4m)


· Loss before tax and exceptional items of £0.5m (2015: £1.3m profit)


· Adjusted* EPS of 0.5p (2015: 1.1p) / Reported LPS after exceptional items of 14.4p (2015: 43.6p)


· Wide-ranging review of the Company's operations underway to improve financial performance and increase revenues


· Refinancing terms agreed which better match the needs of the business


Operations

· Change in overall revenue mix resulted in lower average margin


· Parcels & Freight revenue increased by 2.8% to £80.3m:
- Strong volume growth at DX 2-Man but flat growth in DX Courier and DX 1-Man

· Mail & Packets revenue declined by 3.6% on a like-for-like basis but is up 1.0% overall at £55.5m:
- Decrease in DX Exchange was in line with management expectations
- Growth in DX Secure was below targeted levels
- Addition of Legal Post and First Post, acquired in May 2016, added £2.6m of revenues

· Logistics revenue decreased by £1.7m to £6.9m but prior year included £4.3m of low margin discontinued contracts. Significant wins:
- Three year contract with Avon UK post period - worth in excess of £10m p.a.
- IKEA relationship is expanding


· 'OneDX' network optimisation and development programme experienced short term operational issues with a co-location, resulting in temporary higher costs:
- A further major site consolidation project was completed - at Norwich
- Both projects will drive customer service benefits and efficiencies

· Management is considering its options on a new hub with stakeholders


· Management team significantly strengthened, and business transformation specialist has been working with the Company since mid-January


· Current trading is in line with management expectations


· The Board is in discussions with John Menzies plc regarding the potential combination of DX and the distribution business of John Menzies plc - see separate announcement
- A further announcement will be made when appropriate


* Adjusted profit before tax and adjusted EPS exclude amortisation of acquired intangibles and exceptional items


Petar Cvetkovic, Chief Executive Officer, commented:

"Results have been impacted by the trading pressures reported in February and we have since initiated a wide-ranging review of the Company's operations to improve financial performance and drive revenues. We have also significantly strengthened our senior management team and have been working with a business transformation specialist since mid-January.

"We are pleased with progress with recent initiatives and are encouraged by recent new business wins, including our major contract with Avon UK. Our pipeline of new business is also currently standing at its strongest level in recent years.

"The Board remains highly focused on implementing measures to turnaround business performance and in addition is currently in discussions regarding the potential combination of DX and the Distribution division of John Menzies. We believe that the combination of the businesses has strong strategic logic for all stakeholders and represents an opportunity to deliver significant value to both companies' shareholders. We will provide a further update in due course."

Re: John Menzies' Distribution Division

Potential combination of DX and John Menzies' Distribution division



The boards of DX (Group) plc ("DX") and John Menzies plc ("John Menzies") today announce that they are in discussions regarding the potential combination of DX and John Menzies' Distribution division ("Menzies Distribution") (the "Transaction" and together the "Enlarged Group").

The boards of DX and John Menzies believe that the combination has strong strategic logic for all stakeholders and represents an opportunity to deliver significant value to both companies' shareholders. The boards of DX and John Menzies believe that the combination would benefit the customers of DX and Menzies Distribution through the creation of a logistics and parcel carrier of enhanced scale and capability operating through a 24 hour UK wide logistics network. Based on a preliminary joint assessment, the boards of DX and John Menzies estimate that the combination would generate cost synergies in the range of £8 million to £12 million per annum.

It is currently envisaged that the Transaction would be effected by DX acquiring Menzies Distribution for consideration, on a cash and debt free basis, comprising £60 million in cash and the issue of new DX ordinary shares (the "New DX Shares") representing 80% of DX's issued share capital as enlarged by the Transaction. The cash consideration will be satisfied by new borrowings by the Enlarged Group.

As part of the Transaction, it is proposed that approximately 17% of John Menzies' defined benefit pension scheme would transfer to the Enlarged Group. John Menzies' pension scheme would receive New DX Shares amounting to up to 5% of DX's issued share capital as enlarged by the Transaction as part of the transfer arrangements agreed with the John Menzies pension trustees.

It is intended that the balance of the New DX Shares would be issued by DX to John Menzies' shareholders pro rata to their holdings of shares in John Menzies at the relevant date. On this basis, current DX shareholders would own, in aggregate, 20% of DX's issued share capital, John Menzies shareholders would own, in aggregate, at least 75% of DX's issued share capital and up to 5% of DX's issued share capital would be owned directly by John Menzies' pension scheme.

The boards of DX and John Menzies believe the proposed Transaction structure enables both DX and John Menzies shareholders to share in the significant value created by the combination of DX and Menzies Distribution, whilst increasing significantly the liquidity of DX's ordinary shares and enabling the divestment of Menzies Distribution into a separately quoted company in line with John Menzies' strategy.

On completion of the Transaction, it is intended that the composition of the board of the Enlarged Group would comprise a new chairman and new independent non-executive directors. Greg Michael and Paul McCourt, currently Managing Director and Finance Director, respectively, of Menzies Distribution, would become Group Chief Executive Officer and Chief Financial Officer of DX. Daljit Basi, currently Finance Director of DX, will become an Executive Director.

The Boards of DX and John Menzies currently anticipate the Transaction will be completed during the summer of 2017. Discussions are ongoing and there can be no certainty that a transaction will occur.

Zeus Capital is acting as financial adviser to DX and Rothschild is acting as financial adviser to John Menzies.

Greg Michael (Managing Director of Menzies Distribution) was appointed Managing Director of Menzies Distribution on 1 January 2017. He has previously held senior positions in DHL and Deutsche Post and has a successful track record in managing and driving companies' growth performance within the logistics sector.

Paul McCourt (Finance Director of Menzies Distribution) joined Menzies Distribution in 2014 from Ingenico Northern Europe and Iberia where he was Finance and Operations Director. Before that Paul spent 10 years with PricewaterhouseCoopers as a senior manager followed by 3 years at Grant Thornton as a Director.

If the Transaction proceeds, it will constitute a reverse takeover by DX in accordance with Rule 14 of the AIM Rules for Companies. Accordingly, ordinary shares in DX are expected to be suspended from trading on AIM as of 7.30am today, pending either publication of an admission document containing detailed information on the proposed transaction in accordance with AIM Rule 14 or the termination of discussions regarding the proposed transaction.

A further announcement will be made when appropriate.

Update on the proposed combination of DX and John Menzies' Distribution division.

Further to the announcement made on 31 March 2017 by DX (Group) plc ("DX") and John Menzies plc ("John Menzies") regarding the potential combination of DX and John Menzies' Distribution division ("Menzies Distribution" and, together with DX, the "Enlarged Group") (the "Transaction"), the boards of DX and John Menzies today announce agreed revised terms of the Transaction.

The boards of DX and John Menzies continue to believe that the combination has strong strategic logic for all stakeholders and that the Transaction, on the agreed revised terms, represents an opportunity to deliver significant value to both companies' shareholders. The boards of DX and John Menzies believe that the combination would benefit the customers of DX and Menzies Distribution through the creation of a logistics and parcel carrier of enhanced scale and capability operating through a 24 hour logistics network across the UK and Ireland. Based on a joint assessment, the boards of DX and John Menzies estimate that the combination would generate cost synergies of around £10 million per annum.

Under the revised terms of the Transaction, it is envisaged that DX would acquire Menzies Distribution for consideration, on a cash and debt free basis, comprising £40 million in cash and the issue of new DX ordinary shares (the "New DX Shares") representing 65% of DX's issued share capital as enlarged by the Transaction. The cash consideration would be satisfied by new borrowings by the Enlarged Group.

On this basis, on completion of the Transaction, current DX shareholders would therefore own, in aggregate, 35% of DX's enlarged issued share capital. It is intended that the New DX Shares would be issued by DX to John Menzies' shareholders pro rata to their holdings of shares in John Menzies at the relevant date such that John Menzies shareholders would own, in aggregate, 60% of DX's enlarged issued share capital and 5% of DX's enlarged issued share capital would be owned directly by John Menzies' pension scheme as retained by John Menzies.

As previously announced, it is proposed that approximately 17% of John Menzies' defined benefit pension scheme would transfer to the Enlarged Group as part of the Transaction. The receipt by John Menzies' pension scheme, as retained by John Menzies, of 5% of DX's enlarged issued share capital is part of the transfer arrangements agreed with the John Menzies pension trustees.

In addition, the boards of DX and John Menzies recognise the importance of a dividend to shareholders of the Enlarged Group. It is intended that the Enlarged Group will reinstate the payment of a regular dividend on completion of the Transaction, taking into account the leverage, earnings growth and investment requirements of the business.

Alongside the Transaction, John Menzies intends to raise gross proceeds of approximately £30 million by way of a conditional cash placing of new John Menzies shares primarily to institutional investors, the proceeds of which would be retained by John Menzies post completion of the Transaction.

The boards of DX and John Menzies believe the proposed Transaction structure enables both DX and John Menzies shareholders to share in the significant potential value created by the combination of DX and Menzies Distribution, whilst increasing substantially the liquidity of DX's ordinary shares and enabling the divestment of Menzies Distribution into a separately quoted company in line with John Menzies' strategy. The boards of DX and John Menzies believe respectively that the Transaction would create strategically focussed companies, each of which would have a strong balance sheet and the financial resources to invest in the future of their respective businesses for the benefit of each company's stakeholders.

In light of the revised terms, GCM Partners II, L.P., acting by its investment manager Gatemore Capital Management LLP ("Gatemore"), which is the beneficial owner of 21.3% of DX's issued share capital, has entered into an irrevocable undertaking with DX, dated 4 June 2017, to vote in favour of the resolutions implementing the Transaction at the general meeting of DX shareholders to be held to approve the Transaction in due course.

The Transaction would be subject, inter alia, to the approvals of both DX and John Menzies shareholders at respective general meetings.

The boards of DX and John Menzies continue to anticipate the Transaction will be completed during the summer of 2017. Discussions are ongoing and there can be no certainty that a transaction will occur.

Bob Holt, Chairman of DX, and Dermot Smurfit, Chairman of John Menzies, said:

"We are pleased to have reached this agreement and believe that the revised terms of the proposed transaction represent an attractive opportunity for all stakeholders of both companies."

Investigation by the City of London Police

The Board of DX announces that it has been notified by the City of London Police Economic Crime Directorate ("City of London Police") of an allegation that has been made against the Company which has resulted in the commencement of a preliminary investigation centred on the DX Exchange operations.

The investigation is at a very early stage. The Board of DX received the details of the allegation on 7 June 2017 and is co-operating fully with the City of London Police.

A further announcement will be made when appropriate.

Response to DX (Group) plc announcement

The Board of John Menzies plc ("John Menzies") notes the announcement made this morning by DX (Group) plc.

The Board of John Menzies is considering its position and will make a further announcement as and when appropriate.

Board Appointment

DX, the independent parcels, mail and logistics operator, is pleased to announce the appointment of Ian Gray to the Board as a Non-executive Director with effect from 1 July 2017.

As previously reported, Ian Gray, FCA, has been working with the Board since mid-January and has extensive experience in advising companies on business transformation and strategy development. Over the past 20 years, he has provided high-level counsel to UK companies across a range of industry sectors, including distribution, retail and food production. He is currently Chairman of Avicenna plc, the UK's largest independent pharmacy support group, and of Atlantic Holdings Limited, a world-leading media production company. Until very recently, he was a Director of KM (Holdings) Limited, the regional newspaper group.

Bob Holt, Chairman, commenting on Ian's appointment said:

"We are delighted to announce the appointment of Ian Gray as a Non-executive Director. Ian has become increasingly involved with DX since he started working with us and his skills and experience have made a valuable contribution at Board level. This appointment formalises his role and strengthens the Board. We look forward to working with him in his new capacity."

Resumption of Trading in DX Ordinary Shares

DX announces that the resumption of trading in the Company's Ordinary Shares of £0.01 each ("the Shares") will take effect from 07:30 today, 21 August 2017. The suspension of the Shares followed a request from DX pending the outcome of discussions with the Board of John Menzies plc to combine DX with John Menzies' Distribution division in a transaction that would have represented a reverse takeover by DX under the AIM Rules (the "Transaction").

Following the announcement of 14 August, reporting that discussions had concluded without suitable terms for both sides being agreed, the DX Board is now pursuing business transformation on a stand-alone basis. As stated in the announcement, this approach has the support of both DX's major shareholder and its bankers, and discussions on financing options continue.

The Company's full year results for the year ended 30 June 2017 are currently expected to be announced in early Q4. They will include the aborted costs of the Transaction and certain other expected non-recurring exceptional items, principally a non-cash goodwill impairment following a review in accordance with the requirement of IAS 36 'Impairment of assets'.

The Company continues its discussions with Ron Series on his anticipated appointment as Chairman and it is expected that this appointment will be confirmed in the near term. The appointments to the board of Messrs Black, Dunn and Goodson are expected to follow shortly after that of Ron Series. Further announcements will made in due course as appropriate.

Financing Update, Property Disposal, Gatemore Loan

X announces that it has exchanged contracts with ChanceryGate (Livingston) Limited to sell and leaseback certain freehold properties (the "Properties") for an aggregate cash consideration of £4.5m (the "Property Transaction"). At the same time, the Company has entered into an unsecured loan agreement with GCM Partners II, a fund controlled by its major shareholder Gatemore Capital Management LLP ("Gatemore"), for a loan to the Company of £2.0m (the "Gatemore Loan").

As previously announced, the Company has been in discussions with Gatemore and HSBC, its bankers, with regards to financing options for the Company's standalone transformation strategy. The proceeds of the Property Transaction and the Gatemore Loan will be used principally to repay the Company's term loan with HSBC, which is the first step of an essential comprehensive refinancing of the Company. The Company is currently in close and constructive discussions with certain key shareholders regarding this broader refinancing. This is necessary because the Board has identified a near term material funding requirement, over and above the Company's existing resources, to address a working capital shortfall, caused by the Company's recently reduced levels of profitability, and to provide funds for the planned investment into improving the financial performance of the DX business.

A further announcement on financing will be made within coming weeks.

Details of the Property Transaction

The Properties subject to the sale and leaseback transaction comprise the Company's sites at Thatcham, Basildon, Rotherham, Northampton (Kyoto Close) and Nottingham (Woolsthorpe Close). The aggregate sale proceeds are £4.5m and the Properties have an aggregate book value of £5.0m. The lease terms for the Properties provide for an aggregate rent of c£450k per annum with lease terms of between 2 and 10 years.

Completion of the Property Transaction is expected on 29 September 2017.

Details of the Gatemore Loan and related party transaction

The Gatemore Loan is an unsecured £2.0 million bullet loan with simple interest of 10% per annum rolling up from date of advance, which is expected to be 29 September 2017. Repayment of the loan is due by 30 November 2017, with no early repayment penalties.

The Board had initially included the freight and logistics hub at Willenhall (the "Willenhall Hub") in the portfolio for sale but, following discussions with the proposed directors, management and other stakeholders, it was considered that the Willenhall Hub was a site of potential strategic value to the Company and it would be beneficial to retain the flexibility of continuing to hold the freehold. Gatemore, as a key supporter of the Company's transformation strategy, has agreed to provide the Gatemore Loan, which facilitates the repayment of the Company's term loan with HSBC (described below).

Gatemore, as a substantial shareholder of the Company, is a related party and therefore the Gatemore Loan constitutes a "related party transaction" under the AIM Rules.

The Directors of the Company consider, having consulted with the Company's nominated adviser, Zeus Capital, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Use of Proceeds

The proceeds of the Property Transaction and the Gatemore Loan will be used to repay the Company's c£5.8m term loan with HSBC, with the balance used for working capital purposes. The repayment of the term loan is part of DX's continuing discussions with HSBC regarding extending the term of its invoice discounting facility and the wider financing of its business.

Bob Holt, Chairman, DX (Group) plc, commented:

"We welcome the support of our shareholder, Gatemore, alongside that of our bank, HSBC, as we proceed with our standalone transformation strategy, and will provide a further update on the Company's financing arrangements within coming weeks."
Liad Meidar, CIO and Managing Partner of Gatemore Capital Management:

"The Gatemore loan has enabled the Company to pay down HSBC's term loan while retaining the freight hub in Willenhall. This gives the Company greater financial and operational flexibility, setting the stage for the refinancing. We expect to roll our loan shortly into the new financing, positioning DX with a healthy balance sheet and a new start under proven leadership."

The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation No. 596/2014


Enquiries

£24.0m Fundraising, CEO Appointment and Proposed Board Changes

Fundraising

· DX is pleased to announce that it has reached agreement on legally binding heads of terms for a £24.0m fundraising (the "Fundraising"), following the announcement regarding its funding requirements on 22 September 2017

· The Fundraising is time critical to address the short term cash position of the Company which has become weak reflecting the previously announced challenges in the business that have impacted profitability and cash generation

· The Fundraising is to be in the form of secured loan notes with conditional conversion rights (the "Loan Notes"):
− Tranche 1 of £16.3m - to be issued principally to GCM Partners II LP ("Gatemore") and the Proposed Directors
− Tranche 2 of £7.7m - to be issued principally to Hargreave Hale Limited acting as investment manager for Marlborough Special Situations Fund ("Hargreave Hale"), conditional on shareholder approval of conversion rights

· Subject to receiving the requisite shareholder approvals, these convertible Loan Notes will be capable of conversion at 10 pence per new DX share, which represents a premium of c.28 per cent. to the average closing price of DX ordinary shares over the 20 trading days immediately prior to the date of this announcement

· The Board considers that a fundraising by way of Loan Notes with conditional conversion rights is the most appropriate route for the Company to raise the capital it needs in the timescale available

· Refinancing of £2.0m unsecured term loan from Gatemore is included in the aggregate issue

· The principal amount of Tranche 2 may be extended by up to £2.0m, following the completion of the £7.7m subscription but before 30 June 2018, and only on application of the Company and the agreement of a 75 per cent. majority, in value, of the Lenders. Such additional Tranche 2 Loan Notes would be offered pro-rata to all Tranche 1 and Tranche 2 Lenders

· The net proceeds of the Fundraising will be used to address the working capital shortfall, and capital expenditure and restructuring costs

Board Changes

· Lloyd Dunn is appointed as CEO with immediate effect, initially a non-Board position

· Ron Series, Lloyd Dunn, Russell Black and Paul Goodson (the "Proposed Directors") are to be appointed to the Board as Chairman, CEO and Non-executive Directors, respectively, on completion of Tranche 1, with the announcement of final results for the year to 30 June 2017

· The Proposed Directors are subscribing for £5.25m of Tranche 1 Loan Notes

· The Proposed Directors bring significant collective experience in managing and improving the performance of freight operations, which is central to the proposed turnaround of DX's performance

more.....

Preliminary Results

FINANCIAL

· Revenue of £291.9m (2016: £287.9m)

· EBITDA1 of £7.2m (2016: £18.0m)

· Adjusted2 profit before tax and exceptional items of £nil (2016: £11.5m)

· Exceptional (non-recurring) items of £80.7m (2016: £92.1 million) - includes goodwill impairment of £72.4m (2016: £88.4m) and other one-off items relating principally to property dilapidation provisions, restructuring and professional costs, and senior management departures

· Reported loss before tax of £82.3m (2016: £82.7m)

· Adjusted2 EPS of 0.1p (2016: 4.9p) / Reported loss per share of 40.3p (2016: LPS of 42.1p)

· Debt (net of cash) at 30 June 2017 of £19.1m (2016: £9.8m)

· New financing agreement - see below

1 Earnings before interest, depreciation, amortisation and exceptional items

2 Adjusted profit before tax and adjusted EPS exclude amortisation of 'other intangibles' and exceptional items.



OPERATIONAL

· Focus on addressing operational and financial underperformance with a wide-ranging review of the Group's operations

· Attrition at DX Exchange declined year-on-year and was within expected levels

· Overall new business was 20% higher year-on-year

o major new contracts signed with Avon and IKEA3

· Successfully retained contract with the Home Office

· Industry wide shortage of CPC-qualified drivers remains a pressure

o mitigating initiatives continue

3 Additional IKEA revenue was won in the year and a major new contract was signed in September 2017



POST PERIOD

· New leadership team appointed - Ron Series as Chairman and Lloyd Dunn as CEO

o Russell Black and Paul Goodson join as Non-executive Directors

o all Board changes take effect from 19 October 2017

· New financing provides for a fundraising of £24 million (gross) via secured Loan Notes, with conversion rights, subject to shareholder approval

o supported by investors, including Gatemore Capital and Hargreave Hale, and the new leadership team

o net proceeds will be used to address a working capital shortfall, capital expenditure and restructuring costs

· Firm foundations are in place for the Group's turnaround

Board Changes

DX, the independent parcels, mail and logistics operator, is pleased to confirm that the proposed changes to the composition of its Board of Directors, as reported on 9 October 2017, have come into effect.

Ron Series has assumed the role of Chairman from Bob Holt, who is retiring from the Company. Lloyd Dunn, who became Chief Executive Officer in a non-Board capacity on 9 October, now joins the Board, and Russell Black and Paul Goodson both join the Board as Non-executive Directors. Paul Murray is retiring as a Non-executive Director although will remain with the Company in a consultancy role over a three month period. Ian Gray continues in his role as a Non-executive Director until the Company's AGM in 2018.

Trading Update

DX, the provider of delivery solutions, including parcel freight, secure, courier and logistics services, announces the following update on trading for the financial year ended 30 June 2018 ("FY2018").

The Board is pleased to report that the Group's turnaround, which commenced at the start of 2018, is progressing steadily, and that both the DX Freight and DX Express divisions have delivered in line with management expectations in the second half. The Directors therefore expect the Group to meet market expectations for FY2018, which includes an underlying loss for the year. Net debt at 30 June 2018 is expected to be approximately £1.1m (30 June 2017: £19.1m), which is better than previously anticipated, and reflects improved working capital management.

As planned, turnaround initiatives in the period have been more focused on DX Freight, and net new business at DX Freight, which includes the Group's irregular dimensions and weight ("IDW") and logistics activities, has been encouraging and continues to gather momentum.

DX Express, which includes DX Exchange, Secure and Courier services, continues to develop its plan to separate DX Exchange from the Secure and Courier operations. In addition, the Group has enhanced the senior management capability within DX Exchange and strengthened the DX Express sales team.

The Board believes that the Group remains well positioned to make further progress against its Turnaround Plans as previously announced on 29 March 2018, and will provide a further update on trading with the announcement of full year results, expected in early October 2018.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via regulatory news service this inside information is now considered to be in the public domain.

Reduction in net debt is impressive.