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/

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.